Universe, The CMI Global Network Fund

Transcription

Universe, The CMI
Global Network Fund
CMI Asset Management
Annual Report & Financial Statements 30 September 2009
Jahresbericht und Jahresabschluss 30. September 2009
23, route d’Arlon
L-8009 Strassen
Luxembourg
R.C.S. Luxembourg B33463
ANNUEL REPORT & FINANCIAL STATEMENTS 30 SEPTEMBER 2009
JAHRESBERICHT UND JAHRESABSCHLUSS 30. SEPTEMBER 2009
CONTENTS
INHALTSVERZEICHNIS
Page - Seite
Directors and Administration
Mitglieder des Verwaltungsrates und der Geschäftsführung
2
Directors’ Report to Shareholders
Bericht des Verwaltungsrates an die Aktionäre
5
Report of the Réviseur d’Entreprises
Bericht des Réviseur d’Entreprises
7
Statement of Net Assets
Nettovermögensaufstellung
9
Statement of Changes in Number of Shares Outstanding
Veränderungen der sich im Umlauf befindlichen Aktien
9
Statement of Operations and Changes in Net Assets
Aufwands- und Ertragsrechnung und Veränderung des
Nettovermögens
13
Three Year Summary
Drei-Jahres-Übersicht
17
Notes to the Financial Statements
Anhang zum Jahresbericht
20
Portfolio and sector analysis of each sub-fund
Wertpapierbestand und geographische Aufgliederung für jeden
Teilfonds
28
Investment Advisers
Anlageberater
118
Fund Advisers’ Market Comments
Marktkommentare der Fondsberater
119
No subscription may be accepted on the basis of the Annual Report. Subscriptions are accepted only on the basis of the current
Prospectus accompanied by the latest Annual Report.
Only the English version of the present Annual Report has been reviewed by the auditor. Consequently, the auditor’s report only refers
to the English version of the Annual Report; other versions result from conscientious translations which are the responsibility of the
Board of Directors. In case of differences between the English version and the other translations, the English version prevails.
Es können keine Zeichnungen auf Basis des Jahresberichtes angenommen werden. Anträge werden nur auf Basis des aktuellen
Verkaufsprospektes angenommen, begleitet vom letzten Jahresbericht.
Der Jahresbericht und Jahresabschluss des “Universe, The CMI Global Network Fund” für das zum 30. September 2009 endende
Geschäftsjahr und der Verkaufsprospekt sind über die Dresdner Bank AG, Jürgen-Ponto-Platz 1, 60301 Frankfurt erhältlich.
Nur die Englische Version des vorliegenden Jahresabschlussberichts war Bestandteil der Kontrolle des Wirtschaftsprüfers. Daher
bezieht sich auch der Bericht des Wirtschaftsprüfers nur auf die Englische Version. Sämtliche anderssprachigen Versionen stehen in
der Verantwortung des Verwaltungsrats des Fonds. Falls also Unterschiede zwischen der Englischen und den übersetzten Versionen
bestehen, so ist die Englische Version als massgebend anzusehen.
1
Directors and Administration
Mitglieder des Verwaltungsrates und der
Geschäftsführung
CHAIRMAN
PRÄSIDENT
S J Friend
Heidelberger Lebenversicherung AG
Forum 7
D-69126 Heidelberg
Germany
DIRECTORS
MITGLIEDER DES VERWALTUNGSRATES
J Elvinger
Partner
Elvinger, Hoss & Prussen
2, place Winston Churchill, BP425
L-2014 Luxembourg
Luxembourg
M Hamper
Clerical Medical Europe Financial Services B.V.
23, route d’Arlon
L-8009 Strassen
Luxembourg
D Finch
Clerical Medical Europe Financial Services B.V.
23, route d’Arlon
L-8009 Strassen
Luxembourg
J Edwards (until 10 June 2009 / bis zum 10. Juni 2009)
Chief Executive of HBOS Europe Financial Services
Forum 7
D-69126 Heidelberg
Germany
P Meyers
Company Director
12, rue des Roses
L-2445 Luxembourg
Luxembourg
R H Mallett (until 22 September 2009 / bis zum 22. September 2009)
Clerical Medical Investment Group Limited European Branch
Office
Randwycksingel 35
NL-6229 EG Maastricht
The Netherlands
D R Cobley (from 22 September 2009 / seit 22. September 2009)
Forum 7
D-69126 Heidelberg
Germany
R D Morley (from 22 September 2009 / seit 22. September 2009)
Forum 7
D-69126 Heidelberg
Germany
2
REGISTERED OFFICE
GESELLSCHAFTSSITZ
23, route d’Arlon
L-8009 Strassen
Luxembourg
MANAGEMENT COMPANY
VERWALTUNGSGESELLSCHAFT
CMI Asset Management (Luxembourg) S.A.
23, route d’Arlon
L-8009 Strassen
Luxembourg
Telephone: + (352) 317831-9
Facsimile: + (352) 317831-800
CUSTODIAN, ADMINISTRATIVE, REGISTRAR AND
TRANSFER AGENT
DEPOTBANK, VERWALTUNGSSTELLE UND
TRANSFERSTELLE
RBC Dexia Investor Services Bank S.A.
14, Porte de France
L-4360 Esch-sur-Alzette
Luxembourg
INVESTMENT ADVISER
ANLAGEBERATER
Insight Investment Management (Global) Limited
33, Old Broad Street
London EC2N 1HZ
United Kingdom
INDEPENDENT AUDITOR
ABSCHLUSSPRÜFER
KPMG Audit S.à r.l.
9, Allée Scheffer
L-2520 Luxembourg
Luxembourg
LEGAL ADVISER
RECHTSBERATER
Elvinger, Hoss & Prussen
2, Place Winston Churchill, BP425
L-2014 Luxembourg
Luxembourg
REGISTER OF COMMERCE
HANDELSREGISTER
Société d’Investissement à Capital Variable
R.C.S. Luxembourg B 33 463
UK REPRESENTATIVE
VERTRETUNG IN GROßBRITANNIEN
Clerical Medical Financial Services Limited
33 Old Broad Street
London EC2N 1HZ
England
3
THE IRISH REPRESENTATIVE
VERTRETUNG IN IRLAND
CMI Asset Management (Luxembourg) S.A.
Representative Office
Clifton House
Lower Fitzwilliam Street
Dublin 2
Republic of Ireland
4
Directors’ Report to Shareholders
The Directors are pleased to present the Annual Report and Financial Statements for Universe, The CMI Global
Network Fund (“the Fund”) for the year ended 30 September 2009.
DISTRIBUTION STATUS
The Fund has been approved for UK and Irish Distribution status for the year ended 30 September 2008.
DISTRIBUTIONS
A distribution was declared on 1 October 2008 for all shareholders of those sub-fund classes with net
distributable income as at 30 September 2008.
CHANGES OCCURRED DURING THE YEAR
The Board of Directors has approved the following changes of name, with effect on the 2nd of March 2009:
Current Name
The CMI US Equity Sub-Fund
The CMI Japan Equity Sub-Fund
The CMI Pacific Basin Equity Sub-Fund
The CMI Euro Top 50 Equity Sub-Fund
New Name
The CMI US Enhanced Equity Sub-Fund
The CMI Japan Enhanced Equity Sub-Fund
The CMI Pacific Basin Enhanced Equity Sub-Fund
The CMI European Enhanced Equity Sub-Fund
This change follows our communication sent in May 2007 regarding the reduction in the Annual Management
Charge for share class 1 shares on these sub-funds. This resulted from the review and decision to change the
investment management of these funds to an enhanced approach.
Enhanced equity funds are actively managed funds, which aim to deliver a degree of out-performance while
retaining similar risk characteristics close to that of an index fund. They present a superior alternative to index
funds in terms of risk/return balance, on which to build more adventurous investment strategies or to create
portfolios for more cautious investors.
It is important to note that the above equity sub-funds will continue to be managed in accordance with their
investment objectives as set out in the Prospectus.
Three Sub-Funds have been launched since April 2009:
CMIG Access 70% Flexible Sub-Fund
Board of Directors
Luxembourg, 17 December 2009
The Fund may change its asset allocation in real equity investments when it receives first investments from shareholders.
5
Bericht des Verwaltungsrates an die Aktionäre
Der Verwaltungsrat ist erfreut, Ihnen den Jahresbericht und den Jahresabschluss für Universe, The CMI Global
Network Fund (im Folgenden ,Fonds’ genannt) für den Zeitraum bis zum 30. September 2008 vorstellen zu
können.
STATUS DER AUSSCHÜTTUNG.
Der Fonds hat den Status “Ausschüttung für Grossbritannien und Irland” für das am 30. September 2008
endende Geschäftsjahr erhalten.
AUSSCHÜTTUNGEN
Am 1. Oktober 2008 wurde eine Ausschüttung für alle Anteilseigner der Teilfonds mit ausschüttbarem
Nettogewinn zum 30. September 2008 deklariert.
VERÄNDERUNGEN WÄHREND DES JAHRES
Der Vorstand hat folgende Namensänderungen mit Wirkung zum 2. März 2009 bewilligt:
Aktueller Name:
CMI US Equity Sub-Fund
CMI Japan Equity Sub-Fund
CMI Pacific Basin Equity Sub-Fund
CMI Euro Top 50 Equity Sub-Fund
Neuer Name:
CMI US Enhanced Equity Sub-Fund
CMI Japan Enhanced Equity Sub-Fund
CMI Pacific Basin Enhanced Equity Sub-Fund
CMI European Enhanced Equity Sub-Fund
Diese Änderungen folgen unserer Mitteilung vom Mai 2007 mit Betreff der Reduzierung der jährlichen
Managementgebühr für Aktien der Aktienklasse 1 in diesen Teilfonds. Diese Änderungen sind Ergebnis der
Revision und nachfolgenden Entscheidung, die Anlageverwaltung dieser Fonds auf das Prinzip von “Enhanced”
Fonds, also Fonds mit erweiterten Anlagemöglichkeiten, umzustellen.
Enhanced Equity Funds sind aktiv verwaltete Fonds, deren Ziel es ist, signifikante Überrenditen zu erzielen und
gleichzeitig in etwa das Risikoprofil eines Indexfonds zu bewahren. Sie stellen in Hinblick auf das Verhältnis von
Risiko und Ertrag eine überlegene Alternative gegenüber einem Indexfonds dar und eignen sich als Basis für etwas
gewagtere Anlagestrategien, aber auch als Grundlage von Portfolios für risikobewusstere Anleger.
Wir weisen ausdrücklich darauf hin, dass die Equity Sub-Funds oben weiterhin nach Maßgabe ihrer im Prospekt
erläuterten Anlageziele verwaltet werden.
Drei Vor-Finanzieren sind gestartet worden seit April 2009:
Der Verwaltungsrat
Luxemburg, den 17. Dezember 2009
Der Fonds kann eine Änderung der Portfolio-Strukturierung bei Real-Equity-Anlagen vornehmen, wenn er erstmals Anlagen von Anteilseignern erhält.
6
Report of the Réviseur d’Entreprises
To the Shareholders of
UNIVERSE, THE CMI GLOBAL NETWORK FUND
23, route d’Arlon
L-8009 Strassen
Luxembourg
We have audited the accompanying financial statements of UNIVERSE, THE CMI GLOBAL NETWORK FUND (“the
Fund”) and each of its sub-funds which comprise the statement of net assets and the portfolio of investments as
at 30 September 2009 and the statement of operations and changes in net assets for the year then ended and a
summary of significant accounting policies and other explanatory notes to the financial statements.
Board of Directors of the Fund responsibility for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial
statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the
financial statements. This responsibility includes: designing, implementing and maintaining internal control
relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.
Responsibility of the Réviseur d’Entreprises
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with International Standards on Auditing as adopted by the Institut des Réviseurs
d’Entreprises. Those standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the judgment of the Réviseur d’Entreprises, including
the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the Réviseur d’Entreprises considers internal control relevant to the entity’s
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity’s internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Board of Directors of the Fund, as well as evaluating the overall presentation
of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of UNIVERSE, THE CMI
GLOBAL NETWORK FUND and each of its sub-funds as of 30 September 2009, and of the results of their
operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and
regulatory requirements relating to the preparation of the financial statements.
Other matter
Supplementary information included in the annual report has been reviewed in the context of our mandate but has
not been subject to specific audit procedures carried out in accordance with the standards described above.
Consequently, we express no opinion on such information. However, we have no observation to make
concerning such information in the context of the financial statements taken as a whole.
Luxembourg, 17 December 2009
Réviseurs d’Entreprises
D. G. Robertson
7
Bericht des Réviseur d’Entreprises
An die Aktionäre des
UNIVERSE, THE CMI GLOBAL NETWORK FUND
23, route d’Arlon
L-8009 Strassen
Luxembourg
Wir haben den beigefügten Jahresabschluss des UNIVERSE, THE CMI GLOBAL NETWORK FUND (der “Fonds”)
und seiner jeweiligen Teilfonds geprüft, der die Nettovermögensaufstellung, den Wertpapierbestand vom 30.
September 2009, die Aufwands- und Ertragsrechnung und Veränderung des Nettovermögens für das an diesem
Datum abgelaufene Geschäftsjahr sowie eine Zusammenfassung der wesentlichen Rechnungslegungsgrundsätze und -methoden und die sonstigen Erläuterungen zu den Aufstellungen enthält.
Verantwortung des Verwaltungsrats des Fonds für den Jahresabschluss
Die Erstellung und die den tatsächlichen Verhältnissen entsprechende Darstellung dieses Jahresabschlusses gemäß
den in Luxemburg geltenden gesetzlichen Bestimmungen und Verordnungen zur Erstellung und Darstellung des
Jahresabschlusses liegen in der Verantwortung des Verwaltungsrats des Fonds. Diese Verantwortung umfasst die
Entwicklung, Umsetzung und Aufrechterhaltung des internen Kontrollsystems hinsichtlich der Erstellung und der den
tatsächlichen Verhältnissen entsprechenden Darstellung des Jahresabschlusses, so dass dieser frei von wesentlichen unzutreffenden Angaben ist, unabhängig davon, ob diese aus Unrichtigkeiten oder Verstößen resultieren, sowie
die Auswahl und Anwendung von angemessenen Rechnungslegungsgrundsätzen und -methoden und die Festlegung
angemessener rechnungslegungsrelevanter Schätzungen.
Verantwortung des Réviseur d’Entreprises
In unserer Verantwortung liegt es, auf der Grundlage unserer Abschlussprüfung über diesen Jahresabschluss ein
Prüfungsurteil zu erteilen. Wir führten unsere Abschlussprüfung nach den vom Institut des Réviseurs d
Entreprises umgesetzten internationalen Prüfungsgrundsätzen (International Standards on Auditing) durch.
Diese Grundsätze verlangen, dass wir die Berufspflichten und -grundsätze einhalten und die Prüfung dahingehend planen und durchführen, dass mit hinreichender Sicherheit erkannt werden kann, ob der Jahresabschluss frei von wesentlichen unzutreffenden Angaben ist.
Eine Abschlussprüfung beinhaltet die Durchführung von Prüfungshandlungen zum Erhalt von Prüfungsnachweisen für die im Jahresabschluss enthaltenen Wertansätze und Informationen. Die Auswahl der Prüfungshandlungen obliegt der Beurteilung des Réviseur d’Entreprises ebenso wie die Bewertung des Risikos, dass der
Jahresabschluss wesentliche unzutreffende Angaben aufgrund von Unrichtigkeiten oder Verstößen enthält. Im
Rahmen dieser Risikoeinschätzung berücksichtigt der Réviseur d’Entreprises das für die Erstellung und die den
tatsächlichen Verhältnissen entsprechende Darstellung des Jahresabschlusses eingerichtete interne Kontrollsystem, um die unter diesen Umständen angemessenen Prüfungshandlungen festzulegen, nicht jedoch, um ein
Urteil über die Wirksamkeit des internen Kontrollsystems abzugeben.
Eine Abschlussprüfung beinhaltet ebenfalls die Beurteilung der Angemessenheit der angewandten Rechnungslegungsgrundsätze und -methoden und der Angemessenheit der vom Verwaltungsrat des Fonds vorgenommenen Schätzungen sowie die Beurteilung der Gesamtdarstellung des Jahresabschlusses. Nach unserer
Auffassung sind die erlangten Prüfungsnachweise als Grundlage für die Erteilung unseres Prüfungsurteil
ausreichend und angemessen.
Prüfungsurteil
Nach unserer Auffassung vermittelt der beigefügte Jahresabschluss in Übereinstimmung mit den in Luxemburg
geltenden gesetzlichen Bestimmungen und Verordnungen betreffend die Erstellung und Darstellung des Jahresabschlusses ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens- und Finanzlage des UNIVERSE, THE CMI GLOBAL NETWORK FUND und seiner jeweiligen Teilfonds zum 30. September 2009 sowie ihrer
Ertragslage und Veränderung des Nettovermögens für das an diesem Datum abgelaufene Geschäftsjahr.
Sonstiges
Die im Jahresbericht enthaltenen ergänzenden Angaben wurden von uns im Rahmen unseres Auftrages
durchgesehen, waren aber nicht Gegenstand besonderer Prüfungshandlungen nach den oben beschriebenen
Grundsätzen. Unser Prüfungsurteil bezieht sich daher nicht auf diese Angaben. Im Rahmen der Gesamtdarstellung des Jahresabschlusses haben uns diese Angaben keinen Anlass zu Anmerkungen gegeben.
Luxemburg, den 17. Dezember 2009
Réviseurs d’Entreprises
D. G. Robertson
8
Statement of Net Assets
as at 30 September 2009
Nettovermögensaufstellung
zum 30. September 2009
Total-Total
Note
ASSETS
CMI Continental CMI German
CMI Japan
European Equity
Equity Enhanced Equity
EUR
EUR
EUR
JPY
VERMÖGEN
Investment portfolio at market value
Wertpapierbestand zum Marktwert
Cash at bank
Bankguthaben
Amounts receivable on sale of investments
Forderungen aus Wertpapierverkäufen
Amounts receivable on subscriptions
Forderungen aus Zeichnungen
Interest and dividends receivable, net
Forderungen aus Zinsen und
Dividenden, netto
Prepaid expenses
Forderungen aus Abgrenzungsposten
Net unrealised profit on futures
Nicht realisierter Gewinn aus
Finanztermingeschäften
Other assets
Sonstige Aktiva
LIABILITIES
VERBINDLICHKEITEN
Overdraft
Bankverbindlichkeiten
4,678,809,017
1,396,703,005
4,160,530
5,341,391,085
161,102,606
17,085,973
12,357
229,536,074
11,616,038
9,487,602
21,211
48,828,603
947,128
62,740
–
143,710
28,743,517
–
–
42,340,078
12
5,075,766
2,793,406
8,321
9,614,504
10
324,012
–
–
–
57,853
41,892
1,454
–
4,886,675,937
1,426,174,618
4,203,873
5,671,854,054
(126,558)
(957)
(449)
–
Nicht realisierter Verlust aus
Net unrealised loss on futures
Other liabilites
Sonstige Verbindlichkeiten
10
(57,619)
–
–
(7,398,000)
(6,922,577)
(3,119,039)
(26,141)
(54,553,061)
(7,106,754)
(3,119,996)
(26,590)
(61,951,061)
TOTAL NET ASSETS
NETTOVERMÖGEN INSGESAMT
4,879,569,182
1,423,054,622
4,177,283
5,609,902,993
TOTAL NET ASSETS (EUR)
NETTOVERMÖGEN INSGESAMT (EUR)
4,879,569,182
1,423,054,622
4,177,283
42,767,757
62,189,422
97,673
2,019,392
Statement of Changes in Number of Shares Outstanding
For the year ended 30 September 2009
Veränderungen der sich im Umlauf befindlichen Aktien
Für die am 30. September 2009 endende Geschäftsjahr
Shares Outstanding
at 30 September 2008
Aktien im Umlauf
am 30. September 2008
Subscriptions during the year
Ausgegebene Aktien
16,845,768
14,007
370,082
Redemptions during the year
Zurückgenommene Aktien
(11,180,860)
(7,180)
(313,649)
Shares Outstanding
at 30 September 2009*
Aktien im Umlauf
am 30. September 2009*
67,854,330
104,500
2,075,825
Class 1 Shares Outstanding
Anteilsklasse 1 Aktien im Umlauf
728,500
70,249
84,862
Net asset value per share Class 1
Nettoinventarwert pro Anteilsklasse 1
20.743
39.727
2,643
256,447
27,014
23,801
20.930
40.110
2,702
66,823,122
–
1,959,443
20.974
–
2,705
46,261
7,237
7,720
21.766
41.865
2,731
* Any differences in the number of shares outstanding are the result of roundings.
* Abweichungen der umlaufenden Anteile resultieren aus Rundungen.
The accompanying notes form an integral part of these financial statements.
Die Erläuterungen im Anhang sind integraler Bestandteil dieses Berichtes.
9
CMI Pacific Basin
Enhanced Equity
USD
CMI US Enhanced
Equity
USD
CMI UK Equity
Japan Equity Index
Tracking
JPY
UK Equity Index
Tracking
GBP
US Equity Index
Tracking
USD
CMI Euro Bond
GBP
Euro Equity Index
Tracking
EUR
EUR
CMIG Fixed Term
Euro Bond
EUR
94,604,223
3,549,861
426,782,733
82,027,876
20,195,190
1,434,457,821
60,772,850
39,436,387
1,410,359,939
236,091,003
10,389,726
500,894
536,506
1,138,897
1,169,653
1,034,474
98,616,185
96,446
614
–
–
–
42,147,806
51,545
–
–
–
20,797
14,849
37,500
–
–
15,000
–
11,096
–
286,513
438,263
219,432
89
11,448,776
232,839
39,138
18,656,068
5,660,777
331,115
853,565
102,535
40,390
2,582,024
75,966
78,873
–
–
9,729
80,118
–
11,780
–
39,560
7,925
–
–
–
–
–
6,862
–
–
–
–
–
98,802,852
438,559,254
82,888,237
20,790,817
1,491,775,324
62,357,413
40,596,797
1,527,643,288
241,848,226
(135,121)
–
–
–
–
–
–
–
–
–
–
–
–
(160,000)
–
–
–
–
(232,056)
(244,649)
(47,003)
(19,331)
(7,343,799)
(125,624)
(72,161)
(202,967)
(37,836)
(367,177)
(244,649)
(47,003)
(19,331)
(7,503,799)
(125,624)
(72,161)
(202,967)
(37,836)
98,435,675
438,314,605
82,841,234
20,771,486
1,484,271,525
62,231,789
40,524,636
1,527,440,321
241,810,390
67,164,080
299,068,371
91,008,921
20,771,486
11,315,519
68,367,499
27,650,543
1,527,440,321
241,810,390
2,305,238
10,060,687
7,968,202
1,145,328
3,004,087
5,209,724
1,537,153
39,320,705
7,234,266
571,480
2,789,060
1,944,694
152,910
215,609
636,034
181,149
3,567,802
1,593,265
(268,646)
(2,093,345)
(1,573,928)
(71,499)
(265,562)
(622,692)
(367,446)
(8,866,926)
(3,349,350)
2,608,072
10,756,402
8,338,968
1,226,739
2,954,134
5,223,066
1,350,856
34,021,581
5,478,181
576,693
229,724
1,469,791
585,828
2,677,955
4,124,747
994,207
87,598
–
37.435
40.129
9.848
16.910
502
11.901
29.965
44.273
–
301,127
60,157
291,059
337,044
156,513
609,930
223,697
68,952
–
37.679
40.702
9.933
16.969
503
11.943
30.063
44.843
–
1,596,474
10,445,177
6,571,971
290,782
119,666
471,626
122,249
33,827,784
5,478,181
37.729
40.762
9.953
16.978
503
11.954
30.076
44.893
44.141
133,777
21,344
6,147
13,085
–
16,764
10,702
37,247
–
39.375
41.284
10.538
15.973
–
13.160
31.002
49.101
–
10
CMI Japan Bond CMI UK Bond CMI US Bond CMIG Fixed Term US
CMI Sterling
CMI US Dollar CMI Euro Currency CMI Global Bond CMI Global Mixed
Bond Currency Reserve Currency Reserve
Reserve
JPY
GBP
USD
USD
GBP
USD
EUR
GBP
GBP
797,181,115
33,755,439
204,556,463
1,139,153
81,175,906
22,053,168
169,719,357
14,979,716
48,381,077
43,702,796
48,132
957,919
14,067
10,512,604
5,677,343
7,069,763
417,819
152,007
–
–
–
–
–
–
–
237,162
774,673
71,855
7,500
2,634
–
–
260
55,000
–
–
871,599
307,599
1,656,597
7,968
136,881
4,086
409,907
127,070
163,372
–
–
–
–
–
–
–
–
84,667
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
3,962
841,827,365
34,118,670
207,173,613
1,161,188
91,825,391
27,734,857
177,254,027
15,761,767
49,559,758
–
–
–
–
–
–
–
(12,563)
(17,331)
–
–
–
–
–
–
–
–
–
(1,146,453)
(35,396)
(53,492)
(11,118)
(63,689)
(16,033)
(25,898)
(254,974)
(669,901)
(1,146,453)
(35,396)
(53,492)
(11,118)
(63,689)
(16,033)
(25,898)
(267,537)
(687,232)
840,680,912
34,083,274
207,120,121
1,150,070
91,761,702
27,718,824
177,228,129
15,494,230
48,872,526
6,409,031
37,443,696
141,321,043
784,709
100,808,897
18,912,953
177,228,129
17,021,875
53,691,086
523,962
5,300,941
19,517,238
80,138
19,744,975
5,279,171
10,622,093
9,954,917
30,497,109
14,318
1,029,449
1,632,112
3,802
5,111,822
1,465,440
6,096,829
1,011,117
783,031
(35,786)
(1,697,327)
(5,305,568)
(62,240)
(6,802,556)
(3,988,180)
(9,943,280)
(974,825)
(2,843,417)
502,494
4,633,063
15,843,782
21,700
18,054,241
2,756,431
6,775,642
9,991,209
28,436,723
32,071
2,390,731
296,801
–
14,560,096
349,443
18,053
9,755,829
27,445,010
1,662
7.334
12.968
–
5.079
9.978
26.034
1.550
1.718
6,981
595,690
111,158
–
3,056,119
669,017
479,624
235,380
991,713
1,672
7.374
13.052
–
5.097
10.008
26.119
1.569
1.736
463,442
1,646,642
15,423,584
21,700
438,026
1,724,608
6,158,638
–
–
1,674
7.383
13.067
52.998
5.097
10.014
26.136
–
–
–
–
12,239
–
–
13,364
119,327
–
–
–
–
22.292
–
–
19.973
27.393
–
–
11
CMI Global Equity CMIG Access 80% CMI European Enhanced Access 80% Guaranteed CMIG Access 80% CMIG Access 70% CMIG Access 80% CMIG Access 90%
Equity
Austrian
Flexible
Flexible
Flexible
GBP
EUR
EUR
EUR
EUR
EUR
EUR
EUR
15,359,483
440,494,029
8,492,252
1,464,694
2,553,864
3,783,422
16,470,571
2,908,463
114,566
1,685,113
544,429
324,770
280,670
575,298
2,900,705
339,600
223,024
–
–
–
–
–
–
–
45,000
–
–
–
–
90,000
585,000
–
24,068
606,032
–
2
3,106
–
367
–
38,399
880,988
16,985
2,929
–
7,568
32,941
5,816
–
146,570
11,780
3,720
–
6,200
30,690
3,100
–
3,018
263
–
11
–
–
–
15,804,540
443,815,750
9,065,709
1,796,115
2,837,651
4,462,488
20,020,274
3,256,979
(105)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(216,965)
(685,105)
(10,964)
(9,735)
(11,732)
(45,944)
(259,083)
(5,740)
(217,070)
(685,105)
(10,964)
(9,735)
(11,732)
(45,944)
(259,083)
(5,740)
15,587,470
443,130,645
9,054,745
1,786,380
2,825,919
4,416,544
19,761,191
3,251,239
17,124,308
443,130,645
9,054,745
1,786,380
2,825,919
4,416,544
19,761,191
3,251,239
9,348,274
18,211,650
328,513
1,006,524
200,000
–
–
–
655,541
2,155,112
79,727
267,414
6,578
771,723
3,656,202
634,734
(793,869)
(1,803,984)
(5,900)
(996,334)
(37,754)
–
(25,465)
(8,836)
9,209,946
18,562,778
402,340
277,604
168,824
771,723
3,630,737
625,898
8,620,178
–
–
277,604
–
–
–
–
1.691
–
–
6.435
–
–
–
–
589,768
–
–
–
–
–
–
–
1.707
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
18,562,778
402,340
–
168,824
771,723
3,630,737
625,898
–
23.872
22.505
–
16.739
5.723
5.443
5.195
12
Statement of Operations and Changes in Net Assets
For the period ended 30 September 2009
Aufwands- und Ertragsrechnung und Veränderung des Nettovermögens
Für die am 30. September 2009 endende Geschäftsjahr
Note
NET ASSETS AT THE BEGINNING OF THE NETTOVERMÖGEN ZU BEGINN DES
YEAR
GESCHÄFTSJAHRES
Total-Total CMI Continental CMI German CMI Japan Enhanced CMI Pacific Basin
European Equity
Equity
Equity Enhanced Equity
EUR
EUR
EUR
JPY
USD
5,099,998,853
1,271,858,648
3,962,434
6,635,209,727
72,516,870
Dividenden aus Wertpapierbestand, netto
48,722,800
33,731,126
115,353
94,855,675
1,989,996
Zinsen aus Anleihen, netto
98,789,413
–
–
–
–
INCOME
ERTRÄGE
Dividends, net
Interest on bonds, net
Bank interest
Zinsen aus Bankguthaben
Other income
Sonstige Erträge
Income Equalisation
Ertragsausgleich
TOTAL INCOME
ERTRÄGE INSGESAMT
EXPENSES
AUFWENDUNGEN
Management fees
Verwaltungsvergütung
Custodian fees, domiciliation,
administration and transfer agent fees
Depotbankgebühren,
Buchführungsgebühren
und Transferkosten
Audit, printing and publication expenses
Revisionskosten, Druck- und
Veröffentlichungskosten
Taxe d’abonnement
Taxe d’Abonnemen
Bank Charges
Bankspesen
Other Charges
Sonstige Aufwendungen
Expenses Equalisation
Ertragsausgleich
TOTAL EXPENSES
AUFWENDUNGEN INSGESAMT
NET INCOME / (LOSS) FROM
INVESTMENTS
NETTOERTRAG / NETTOAUFWAND AUS
ANLAGEN
Net realised gain/(loss) on sale of
investments
6
3
4
2,615,941
245,666
6,594
5
9,082
5,707,409
4,515,068
10,690
2,858,592
20,724
438,355
–
2,226
567,134
132,726
156,273,918
38,491,860
134,863
98,281,406
2,152,528
(7,607,774)
(1,459,129)
(32,126)
(7,491,829)
(183,490)
(802,819)
(275,129)
–
(3,475,361)
(147,608)
(279,429)
(17,959)
(9,012)
(1,161,571)
(15,214)
(553,810)
(123,290)
(1,280)
(410,435)
(12,564)
(83,917)
(13,016)
(30)
(44,093)
(769)
(267,665)
(145,001)
–
(280,727)
(6,287)
(9,002,285)
(1,036,779)
–
–
–
(18,597,699)
(3,070,303)
(42,448)
(12,864,016)
(365,932)
137,676,219
35,421,557
92,415
85,417,390
1,786,596
Realisierter Nettogewinn / (-verlust) aus
Wertpapierverkäufen
(287,048,448)
(245,597,209)
(98,630)
(759,742,187)
(4,527,076)
Net realised gain/(loss) on futures
(1,692,024)
–
–
23,468,339
570,452
Net realised gain/(loss) on foreign
exchange
Devisengeschäften
(287,045)
(303,957)
(2)
2
(54,195)
NET REALISED PROFIT/(LOSS)
REALISIERTER NETTOGEWINN / (- VERLUST)
(151,351,298)
(210,479,609)
(6,217)
(650,856,456)
(2,224,223)
Change in net unrealised
appreciation/(depreciation) on
investments
Veränderung des nicht realisierten
Gewinnes / (Verlustes) aus Wertpapieren
496,149,962
319,761,392
58,329
(394,126,456)
20,994,915
Gewinnes / (Verlustes) aus
1,622,861
–
–
(3,548,000)
71,436
appreciation/(depreciation) on capital
gain tax
Gewinnes / (Verlustes) aus
Kapitalgewinnsteuer
(23,133)
–
–
–
(12,752)
NET INCREASE/(DECREASE) IN NET
ASSETS AS A RESULT OF OPERATIONS
NETTOERHÖHUNG/NETTOVERMINDER
UNG DES NETTOVERMÖGENS
346,398,392
109,281,783
52,112
(1,048,530,912)
18,829,376
EVOLUTION OF THE CAPITAL
ENTWICKLUNG DES FONDSVERMÖGENS
Subscriptions of shares
Zeichnungen von Aktien
Redemptions of shares
Rückzahlungen von Aktien
Net notional commission
Fiktive Provision
appreciation/(depreciation) on futures
Dividends distributed
Dividendenausschüttung
Currency Translation
Währungsdifferenz
Income Equalisation
Ertragsausgleich
NET ASSETS AT THE END OF THE YEAR
NETTOVERMÖGEN AM ENDE DES
GESCHÄFTSJAHRES
892,443,612
268,674,443
481,439
912,875,688
16,121,161
(1,210,221,589)
(182,445,618)
(235,374)
(764,097,003)
(6,647,623)
12
553,094
277,078
948
(2,200,990)
81,698
5
(184,551,354)
(45,628,491)
(82,051)
(122,786,383)
(2,333,081)
(73,615,757)
–
–
–
–
8,563,931
1,036,779
(2,225)
(567,134)
(132,726)
4,879,569,182
1,423,054,622
4,177,283
5,609,902,993
98,435,675
13
CMI US Enhanced
Equity
USD
CMI UK Equity
Japan Equity Index
Tracking
JPY
UK Equity Index
Tracking
GBP
US Equity Index
Tracking
USD
CMI Euro Bond
GBP
Euro Equity Index
Tracking
EUR
EUR
CMIG Fixed Term
Euro Bond
EUR
430,187,769
73,516,481
19,979,782
1,828,011,650
57,366,493
47,878,558
1,644,863,666
308,477,672
6,456,976
2,737,883
603,397
26,003,777
2,141,904
648,614
–
–
–
21,052
–
–
–
–
64,939,718
11,255,125
37,910
8,894
6,512
3,376
18,837
1,540
344,047
13,337
68,651
22,068
66,961
592,200
2,879
6,528
370,163
106,648
391,009
–
13,832
–
–
–
–
–
6,954,546
2,789,897
690,702
26,599,353
2,163,620
656,682
65,653,928
11,375,110
(456,185)
(217,409)
(52,026)
(6,663,524)
(218,692)
(146,483)
(1,775,507)
(309,020)
(119,616)
(3,245)
(4,693)
(147,754)
(3,957)
(24,289)
(148,569)
(24,298)
(17,443)
(10,085)
(10,358)
(1,288,551)
(9,950)
(13,744)
(19,913)
(7,792)
(32,841)
(14,148)
(4,859)
(478,055)
(25,621)
(11,984)
(150,922)
(26,674)
(3,918)
(47)
(1,001)
(124)
(7)
(745)
(9,518)
(708)
(18,816)
(3,255)
(3,241)
(448,104)
(3,724)
(5,844)
(3,680)
(3,190)
–
(57,692)
–
(77,790)
(17,888)
(10,156)
(3,400,327)
(1,425,644)
(648,819)
(305,881)
(76,178)
(9,103,902)
(279,839)
(213,245)
(5,508,436)
(1,797,326)
6,305,727
2,484,016
614,524
17,495,451
1,883,781
443,437
60,145,492
9,577,784
(38,338,340)
(11,989,808)
(667,379)
(29,754,633)
(1,520,716)
(2,980,334)
40,297,393
3,446,522
134,003
–
126,136
(10,072,150)
210
51,007
–
–
(34)
951
–
(211)
4,347
(1)
–
–
(31,898,644)
(9,504,841)
73,281
(22,331,543)
367,622
(2,485,891)
100,442,885
13,024,306
24,224,427
18,276,737
346,729
(281,389,327)
6,578,210
(131,868)
70,944,431
7,131,812
873,674
–
30,470
3,947,000
56,300
71,398
–
–
–
–
–
–
–
–
–
–
(6,800,543)
8,771,896
450,480
(299,773,870)
7,002,132
(2,546,361)
171,387,316
20,156,118
94,223,394
15,720,673
2,168,054
105,073,180
6,183,223
4,652,567
147,572,232
67,433,813
(71,811,272)
(12,343,406)
(1,034,240)
(126,526,848)
(6,013,077)
(8,885,350)
(369,361,174)
(142,987,364)
12,157
13,496
1,795
(591,296)
5,427
(15,384)
–
–
(7,105,891)
(2,895,598)
(780,553)
(21,999,081)
(2,330,297)
(569,550)
(70,422,046)
(12,695,493)
–
–
–
–
–
–
–
–
(391,009)
57,692
(13,832)
77,790
17,888
10,156
3,400,327
1,425,644
438,314,605
82,841,234
20,771,486
1,484,271,525
62,231,789
40,524,636
1,527,440,321
241,810,390
14
CMI Japan Bond
CMI UK Bond
CMI US Bond
CMI Sterling
Currency Reserve
GBP
CMI US Dollar
Currency Reserve
USD
CMI Euro Currency
Reserve
EUR
CMI Global Bond
USD
CMIG Fixed Term US
Bond
USD
JPY
GBP
860,550,506
36,997,863
248,535,174
4,398,081
103,043,096
54,076,919
276,704,656
12,611,614
GBP
–
–
–
–
–
–
–
–
12,662,126
1,499,098
8,301,056
65,821
2,866,215
554,075
7,200,681
487,050
9,002
3,685
56,386
812
102,154
38,679
112,437
2,088
248
4,698
122,566
56
2,068
2,073
8,201
3
–
–
–
–
–
–
–
–
12,671,376
1,507,481
8,480,008
66,689
2,970,437
594,827
7,321,319
489,141
(1,297,188)
(157,703)
(278,872)
(2,078)
(413,236)
(61,862)
(254,644)
(185,815)
(178,060)
(631)
(17,289)
(1,350)
(3,619)
(14,399)
(25,553)
(5,277)
(1,171,519)
(8,862)
(15,295)
(8,522)
(10,014)
(14,884)
(11,527)
(9,076)
(85,660)
(12,110)
(21,506)
(111)
(10,864)
(2,777)
(20,234)
(8,483)
(17,996)
(81)
(6,881)
(112)
(25,967)
(7,046)
(4,203)
(73)
(451,063)
(3,337)
(5,318)
(4,436)
(2,706)
(4,347)
(2,974)
(2,769)
(59,964)
(84,820)
(856,173)
(21,634)
(224,326)
(160,754)
(1,789,293)
(6,302)
(3,261,450)
(267,544)
(1,201,334)
(38,243)
(690,732)
(266,069)
(2,108,428)
(217,795)
9,409,926
1,239,937
7,278,674
28,446
2,279,705
328,758
5,212,891
271,346
(189,630)
1,189,527
7,240,784
(30,219)
(531,034)
(980,911)
(3,395,734)
1,518,931
–
–
–
–
–
–
–
–
(204)
–
(4)
–
–
–
5
20,208
9,220,092
2,429,464
14,519,454
(1,773)
1,748,671
(652,153)
1,817,162
1,810,485
13,915,216
848,197
174,730
(3,872)
938,706
704,322
5,139,392
1,341,352
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
23,135,308
3,277,661
14,694,184
(5,645)
2,687,377
52,169
6,956,554
3,151,837
23,773,875
7,186,371
20,584,833
201,109
25,187,165
14,295,488
151,517,206
1,481,412
(59,266,372)
(11,924,526)
(66,564,747)
(3,296,500)
(33,629,853)
(38,906,828)
(246,735,363)
(1,466,773)
–
–
–
–
–
–
–
–
(7,572,369)
(1,538,915)
(10,985,496)
(168,609)
(5,750,409)
(1,959,677)
(13,004,217)
(290,162)
–
–
–
–
–
–
–
–
59,964
84,820
856,173
21,634
224,326
160,753
1,789,293
6,302
840,680,912
34,083,274
207,120,121
1,150,070
91,761,702
27,718,824
177,228,129
15,494,230
15
CMI Global Mixed CMI Global Equity CMIG Access 80%
GBP
GBP
46,564,173
14,816,523
719,212
455,862
CMI European Access 80% CMIG Access 80% CMIG Access 70% CMIG Access 80% CMIG Access 90%
Enhanced Equity Guaranteed
Austrian
Flexible
Flexible
Flexible
EUR
EUR
EUR
EUR
EUR
EUR
EUR
449,219,984
7,683,711
307,869
353,174
246,886
–
3,318,492
–
11,561
3,041
1,588,649
1,144
2,770
9,246
145,495
–
–
–
1,189,405
320,156
5,405,810
(546,452)
(160,778)
(22,432)
(9,152)
5,135,288
3,344,991
–
–
–
4,250
280
14,655
34,313
2,678
18,861
18,397
–
–
–
21,212
10,861
189
1,486
105
26,869
221,000
11,444
–
–
–
25,146
16,920
–
–
18,555
–
300,045
282,243
40,982
14,844
54,354
2,783
(670,156)
(10,030)
(56,966)
(4,635)
(1,276)
(5,791)
(928)
(8,485)
–
(4,293)
(4,024)
(1,841)
(3,131)
(5,458)
(3,062)
(9,065)
(9,222)
(5,974)
(9,054)
(5,999)
(4,733)
(4,746)
(4,732)
(25,609)
(7,714)
(44,813)
(695)
(1,727)
(305)
(138)
(682)
(106)
(953)
(4,757)
(3,772)
(729)
(1,002)
(698)
(56)
(396)
–
(22,341)
(2,769)
(8,044)
(3,901)
(3,960)
(3,950)
(1,595)
(1,966)
(1,497)
(23,282)
(1,038)
(131,559)
–
–
(1,455)
(20,399)
–
(23,925)
(650,221)
(194,606)
(867,566)
(25,622)
(76,733)
(18,883)
(31,328)
(19,039)
(34,250)
539,184
125,550
4,538,244
274,423
205,510
22,099
(16,484)
35,315
(31,467)
(1,248,104)
(1,705,734)
(31,641,707)
(732,355)
68,897
(112,423)
109,270
12,165
9,194
–
–
(2,589,273)
181,877
(189,700)
(14,040)
25,202
135,200
14,753
–
23,581
(2)
(3)
–
(5)
–
–
–
(708,920)
(1,556,603)
(29,692,738)
(276,058)
84,707
(104,369)
117,988
182,680
(7,520)
6,728,525
2,652,710
24,108,658
547,139
30,132
100,652
95,390
489,435
30,917
–
–
742,810
11,780
36,150
3,190
6,200
30,690
3,100
(8,795)
(4,342)
–
–
–
–
–
–
–
6,010,810
1,091,765
(4,841,270)
282,861
150,989
(527)
219,578
702,805
26,497
1,160,418
942,041
50,952,597
1,507,193
1,529,313
110,000
4,169,000
19,179,000
3,240,760
(4,288,235)
(1,136,213)
(42,661,707)
(108,613)
(5,006,738)
(630,000)
–
(135,000)
(45,760)
5,077
2,564
169,373
1,690
(5,552)
–
7,567
32,941
5,817
(602,999)
(130,248)
(9,839,891)
(286,951)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
23,282
1,038
131,559
(25,146)
(16,920)
1,455
20,399
(18,555)
23,925
48,872,526
15,587,470
443,130,645
9,054,745
1,786,380
2,825,919
4,416,544
19,761,191
3,251,239
16
Three Year Summary
Drei-Jahres-Übersicht
CMI Continental
European Equity
EUR
CMI German CMI Japan Enhanced
Equity
Equity
EUR
JPY
CMI Pacific Basin
Enhanced Equity
USD
Net assets (000’s)
Net Asset Value per Share Class 1
Fondsvermögens (in Tausend)
1,423,055
20.743
20.930
20.974
21.766
4,177
39,727
40.110
–
41.865
5,609,903
2,643
2,702
2,705
2,731
98,436
37.435
37.679
37.729
39.375
1,271,859
20.167
20.400
20.455
21.224
3,962
40.382
40.863
–
42.667
6,635,210
3,208
3,284
3,289
3,320
72,517
31.171
31.448
31.508
32.868
2,507,913
29.758
30.094
30.172
31.307
6,446
56.747
57.371
–
59.893
12,701,835
4,761
4,887
4,898
4,944
140,446
49.624
50.113
50.226
52.398
CMI US Enhanced
Equity
USD
CMI UK Equity
GBP
Euro Equity Index Japan Equity Index
Tracking
Tracking
EUR
JPY
438,315
40.129
40.702
40.762
41.284
82,841
9.848
9.933
9.953
10.538
20,771
16.910
16.969
16.978
15.973
1,484,272
502
503
503
–
430,188
42.067
42.704
42.776
43.320
73,516
9.126
9.227
9.250
9.793
19,980
17.401
17.477
17.490
16.450
1,828,012
608
610
610
–
823,801
57.652
58.669
58.807
59.557
117,867
12.632
12.765
12.796
13.548
21,064
25.234
25.341
25.359
23.850
2,627,164
897
901
901
–
UK Equity Index US Equity Index
Tracking
Tracking
GBP
USD
CMI Euro Bond
EUR
CMIG Fixed Term
Euro Bond
EUR
62,232
11.901
11.943
11.954
13.160
40,525
29.965
30.063
30.076
31.002
1,527,440
44.273
44.843
44.893
49.101
241,810
–
–
44.141
–
57,366
11.001
11.046
11.050
12.172
47,879
31.116
31.243
31.262
32.220
1,644,864
41.551
41.784
41.832
45.751
308,478
–
–
42.641
–
68,851
14.759
14.818
14.823
16.329
35,593
43.184
43.349
43.374
44.704
1,361,303
42.038
42.275
42.325
46.290
338,492
–
–
42.535
–
17
CMI Japan Bond
CMI UK Bond
JPY
GBP
CMI US Bond CMIG Fixed Term US
Bond
USD
USD
840,681
1,662
1,672
1,674
–
34,083
7.334
7.374
7.383
–
207,120
12.968
13.052
13.067
22.292
1,150
–
–
52.998
–
860,551
1,631
1,641
1,643
–
36,998
6.955
6.994
7.002
–
248,535
12.634
12.707
12.722
21.703
4,398
–
–
54.882
–
883,240
1,613
1,622
1,624
–
37,773
6.843
6.880
6.889
–
278,158
12.280
12.350
12.364
21.092
9,998
–
–
54.965
–
CMI Sterling
CMI US Dollar CMI Euro Currency
Currency Reserve Currency Reserve
Reserve
GBP
USD
EUR
CMI Global Bond
GBP
91,762
5.079
5.097
5.097
–
27,719
9.978
10.008
10.014
19.973
177,228
26.034
26.119
26.136
27.393
15,494
1.550
1.569
–
–
103,043
5.215
5.232
5.235
–
54,077
10.137
10.170
10.175
20.296
276,705
25.935
26.020
26.037
27.291
12,612
1.266
1.281
–
–
106,014
5.220
5.237
5.239
–
61,987
10.445
10.479
10.485
20.972
308,854
26.196
26.284
26.298
27.696
11,720
1.089
1.101
–
–
CMI Global Mixed CMI Global Equity
CMIG Access 80%
GBP
GBP
EUR
CMI European
Enhanced Equity
EUR
48,873
1.718
1.736
–
–
15,587
1.691
1.707
–
–
443,131
–
–
–
23.872
9,055
–
–
–
22.505
46,564
1.526
1.543
–
–
14,817
1.584
1.601
–
–
449,220
–
–
–
24.667
7,684
–
–
–
23.389
55,431
1.719
1.737
–
–
20,153
1.998
2.019
–
–
386,051
–
–
–
28.821
9,932
–
–
–
33.532
18
Access 80% CMIG Access 80% CMIG Access 70% CMIG Access 80%
Guaranteed
Austrian
Flexible
Flexible
EUR
EUR
EUR
EUR
1,786
6.435
–
–
–
2,826
–
–
–
16.739
4,417
–
–
–
5.723
19,761
–
–
–
5.443
5,135
5.102
–
–
–
3,345
–
–
–
16.725
–
–
–
–
–
–
–
–
–
–
6,030
5.993
–
–
–
3,747
–
–
–
18.735
–
–
–
–
–
–
–
–
–
–
CMIG Access 90%
Flexible
EUR
3,251
–
–
–
5.195
–
–
–
–
–
–
–
–
–
–
19
NOTES TO THE FINANCIAL STATEMENTS
1. GENERAL
Universe, The CMI Global Network Fund, (“the Fund”) was incorporated as an investment fund in the Grand Duchy of Luxembourg on 12 April
1990 and commenced its activities on 1 June 1990. The articles of incorporation were amended for the last time by notarial deed of 25 July
2005 published in the Mémorial on 24 August 2005. The Fund qualifies as an investment company with variable capital (“société
d’investissement à capital variable” or “SICAV”) regulated under the part I of the law of 20 December 2002. The Fund is established for an
undetermined duration. The Fund comprises 29 sub-funds, each relating to a separate investment portfolio comprising securities, cash,
other assets and liabilities.
2. SIGNIFICANT ACCOUNTING POLICIES
The Financial Statements are presented in accordance with Luxembourg regulations relating to investment funds.
The following is a summary of the significant accounting policies adopted by the Fund:
(a)
Valuation of Securities:
All securities in the investment portfolios are quoted on a recognised stock exchange, or dealt in on another regulated market. Financial
instruments, which comprise short-term certificates of deposit and commercial paper, are valued at cost as it is intended to hold these
instruments until maturity. The difference between the cost and the maturity value is recognised as interest income over the year. In these
financial statements, securities and financial derivative instruments have been valued using the closing prices on 29 September 2009 for
securities listed in the American continent’s stock exchange, prices at 1 p.m. (CET) on 30 September 2009 for securities listed in the
European stock exchange and closing prices on 30 September 2009 for securities listed in eastern countries’ stock exchange.
(b)
Translation of Foreign Currencies:
Transactions in foreign currencies are converted into the currency of the sub-fund at the exchange rate ruling at the date of the
transactions at 1 p.m. (CET). Assets and liabilities are converted into the currency of the sub-fund at the exchange rate ruling at the
balance sheet date at 1 p.m. (CET).
The combined statements of net assets, operations and changes in net assets are presented in Euro (EUR), based on the closing
exchange rate prevailing at the balance sheet date.
(c)
Allocation of Expenses:
Each sub-fund is charged with the expenses directly attributable to it. Expenses not attributable to a particular sub-fund are normally
allocated to the sub-funds so that each one is charged with the same amount.
(d)
Income:
Dividends are recognised on an ex-dividend basis, net of withholding taxes in the country of origin. Interest is recognised on an accruals basis.
(e)
Profit and Loss from Sales of Securities:
The realised profit and loss arising on sales of securities is based on the average cost of the securities.
(f)
Equalisation:
The Fund uses the accounting practice of equalisation, by which a portion of the proceeds from subscriptions and costs of
redemptions of shares, equivalent on a per share basis to the amount of undistributed net investment income on the date of the
transaction, is credited or charged to undistributed income. On payment of a dividend the balance on the equalisation account is
included in the amount available for distribution. As a result, undistributed net investment income per share is unaffected by
subscriptions and redemptions of shares.
3. MANAGEMENT FEES
The Fund has appointed as “Management Company”, CMI Asset Management (Luxembourg) S.A., a company incorporated under the laws of
Luxembourg on 22 December 1988. The Management Company is responsible for the day to day management of the investments and is
entitled to receive a fee, which is payable monthly in arrears and is based on the net asset value of each of the sub-funds. Fees are charged at
the following rates as stipulated in the Fund’s prospectus:
Class 1
Class 2
Class 3
Class 7
Equity sub-funds, The CMI Global Mixed sub-fund, and The CMI Global
Bond sub-fund, except for the US Enhanced Equity sub-fund, Japan
Enhanced Equity sub-fund and Pacific Basin Enhanced sub-fund
1.25%
0.33%
0.115%
0.15%
The US Enhanced Equity sub-fund, Japan Enhanced Equity sub-fund and
Pacific Basin Enhanced sub-fund
0.75%
0.23%
0.115%
0.15%
Bond sub-funds (except the CMI Global Bond sub-fund), CMIG Fixed Term
US Bond sub-fund and CMIG Fixed Term Euro Bond sub-fund
Equity Index Tracking and Currency Reserve sub-funds
0.75%
0.50%
0.23%
0.18%
0.115%
0.115%
0.15%
0.15%
CMIG Access 80% sub-fund
N/a
N/a
N/a
0.15%
CMIG Access 80% Austrian sub-fund
Access 80% Guaranteed sub-fund
N/a
1.85%
N/a
N/a
N/a
N/a
0.15%
N/a
CMIG Access 70% Flexible sub-fund
N/a
N/a
N/a
0.15%
20
NOTES TO THE FINANCIAL STATEMENTS - continued
3. MANAGEMENT FEES - continued
Class 1
Class 2
Class 3
Class 7
N/a
N/a
N/a
0.15%
N/a
N/a
N/a
0.15%
4. TAXE D’ABONNEMENT
Under present Luxembourg law and practice, the Fund is not liable to any Luxembourg income tax nor are dividends paid by the Fund liable to
any Luxembourg withholding tax. The Fund in respect of class 1 Shares (excluding the Currency Reserve and the CMIG sub-funds) is liable in
Luxembourg to a tax of 0.05% per annum of the value of its net assets, such tax being payable quarterly on the basis of the value of the net
assets of the Fund at the end of the relevant calendar quarter. In respect of class 2, class 3 and class 7 Shares, the CMIG sub-funds and the
three Currency Reserve sub-funds, the tax levied will be at the rate of 0.01% per annum. No stamp duty or other tax is payable in Luxembourg
on the issue of Shares except a once and for all initial registration tax which was paid on incorporation. No Luxembourg capital gains tax is
payable on the realised or unrealised capital appreciation of the assets of the Fund.
5. DISTRIBUTIONS
The following dividend distributions were declared on 1 October 2008 in respect of the year from 1 October 2007 to 30 September 2008
and paid on 10 October 2008.
CMI CONTINENTAL EUROPEAN EQUITY Share Class 1
CMI GERMAN EQUITY Share Class 1
CMI JAPAN ENHANCED EQUITY Share Class 1
CMI PACIFIC BASIN ENHANCED EQUITY Share Class 1
CMI US ENHANCED EQUITY Share Class 1
CMI UK EQUITY Share Class 1
CMI EURO EQUITY TRACKING Share Class 1
CMI JAPAN EQUITY INDEX TRACKING Share Class 1
CMI UK EQUITY INDEX TRACKING Share Class 1
CMI US EQUITY INDEX TRACKING Share Class 1
6.
EUR
EUR
EUR
EUR
EUR
EUR
EUR
JPY
JPY
JPY
JPY
USD
USD
USD
USD
USD
USD
USD
USD
GBP
GBP
GBP
GBP
EUR
EUR
EUR
EUR
JPY
JPY
JPY
GBP
GBP
GBP
GBP
USD
USD
CMI EURO BOND Share Class 1
CMIG FIXED TERM EURO BOND Share Class 3
CMI JAPAN BOND Share Class 1
CMI UK BOND Share Class 1
CMI US BOND Share Class 1
CMIG FIXED TERM US BOND Share Class 3
CMI STERLING CURRENCY RESERVE Share Class 1
CMI US DOLLAR CURRENCY RESERVE Share Class 1
CMI EURO CURRENCY RESERVE Share Class 1
CMI GLOBAL BOND Share Class 1
CMI GLOBAL BOND Share Class 2
CMI GLOBAL MIXED Share Class 2
CMI GLOBAL MIXED Share Class 1
CMI GLOBAL EQUITY Share Class 1
CMI GLOBAL EQUITY Share Class 2
CMIG ACCESS 80% Share Class 7
CMI EUROPEAN ENHANCED EQUITY Share Class 7
0.430
0.681
0.738
0.756
0.701
1.183
1.327
33.368
57.301
62.157
61.248
0.791
1.041
1.096
1.118
0.360
0.653
0.715
0.705
0.253
0.365
0.390
0.409
0.635
0.714
0.729
0.677
7.079
9.814
10.312
0.438
0.487
0.488
0.541
0.340
0.479
USD 0.505
USD 0.506
EUR 1.806
EUR 1.747
EUR 1.797
EUR 1.949
EUR 1.755
JPY 4.068
JPY 13.247
JPY 15.162
GBP 0.266
GBP 0.306
GBP 0.313
USD 0.482
USD 0.549
USD 0.564
USD 0.954
USD 2.104
GBP 0.288
GBP 0.304
GBP 0.308
USD 0.335
USD 0.369
USD 0.375
EUR 1.122
EUR 1.209
EUR 1.225
EUR 1.276
GBP 0.029
GBP 0.040
GBP 0.036
GBP 0.019
GBP 0.013
GBP 0.031
EUR 0.540
EUR 0.873
OTHER INCOME
6.1 Securities Lending
The Fund has signed a contract for securities lending with Royal Trust Corporation of Canada.
The Fund earned net income of EUR 5,092,393 from its activity in securities lending during the year. As at 30 September 2009, the Fund had
assets on loan to the value of EUR 892,199,455.
6.2 Cash Injection in the CMI Access 80% Guaranteed Sub-fund
It was resolved that CMI Asset Management inject
a) An amount of EUR 221,000 into the CMI Access 80% Guaranteed Sub-fund on 28 April 2009 to have the guarantee price being at around
80% of the NAV and that
b) This amount be considered as an exceptional gift for the sub-fund which is not repayable.
21
6.3 Cash injections in the CMIG Access 80% Austrian Sub-fund
Cash injections in the CMIG Access 80% Austrian Sub-fund were made to maintain the guarantee level of the related insurance fund, and were
in line with the risk advisor agreement and operating procedures of this sub-fund. The CMIG insurance company is the single shareholder of
the Sub-Fund.
7. RELATED PARTY TRANSACTIONS
There were no significant related party transactions during the year, other than those reported in these Financial Statements.
8. PURCHASE AND SALE OF SECURITIES
A listing of purchases and sales of securities for the year for each sub-fund is available upon request of the Fund’s registered office.
9. SOFT COMMISSIONS
No soft commission arrangements were entered into by the Management Company or the Investment Advisor with brokers during the year.
10. FUTURES
Commitments for financial futures contracts and the related unrealised profit/(loss) recorded as at 30 September 2009 were as follows:
Sub-funds
Description
Unrealised
Gain/(Loss)
Contract Value
CMI Japan Enhanced Equity
Topix Index (Tokyo) 10/12/2009 (30 contracts)
JPY
273,000,000
CMI Pacific Basin Enhanced Equity
Hong Kong Hang Seng Indices 29/10/2009 (26 contracts) USD
3,503,705
USD
9,729
CMI US Enhanced Equity
Euro Equity Index Tracking
S&P 500 Emini Index 18/12/2009 (198 contracts)
Dow Jones Euro Stoxx 50/ 18/12/2009 (19 contracts)
USD
EUR
10,442,025
547,960
USD
EUR
80,118
11,780
Japan Equity Index Tracking
Topix Index (Tokyo) 10/12/2009 (1 contrat)
JPY
9,100,000
JPY
(160,000)
UK Equity Index Tracking
US Equity Index Tracking
Ftse 100 Index 18/12/2009 (27 contracts)
S&P 500 Emini Index 18/12/2009 (20 contracts)
GBP
USD
1,386,990
1,054,750
GBP
USD
39,560
7,925
CMIG Access 80%
EUR
8,104,040
EUR
146,570
CMI European Enhanced Equity
Access 80% Guaranteed
EUR
EUR
547,960
173,040
EUR
EUR
11,780
3,720
CMIG Access 70% Flexible
EUR
288,400
EUR
6,200
EUR
EUR
1,643,880
144,200
EUR
EUR
30,690
3,100
Related cash balances held as margin against the above positions are included in cash at bank.
11. CURRENCY RATES
The accounting for the Fund as a whole is carried out in EUR. Exchange rates as at 30 September 2009 were:
1 EUR
1 EUR
1 EUR
= 0.910254 GBP
= 1.4656 USD
= 131.171316 JPY
22
JPY (7,398,000)
12. NOTIONAL COMMISSION
The notional commission is a provision calculated in order to pay the broker fees arising on the sales of securities when a large redemption is
registered.
It is calculated on a daily basis at the rates shown below. There is no notional commission for the Universe Bond sub-funds and the Currency
Reserve Sub-funds. A global percentage applied to the market value of the portfolio is determined for the following sub-funds:
Sub-fund name
Notional commission rate
CMI Continental European Equity
CMI Germany Equity
CMI UK Equity
CMI Global Mixed
CMI Global Equity
CMIG Access 80%
0.200%
0.200%
0.350%
0.180%
0.200%
0.125%
0.200%
0.180%
0.125%
0.200%
0.175%
0.250%
0.200%
0.200%
0.200%
0.200%
0.200%
0.200%
According to the daily net amount of redemptions and subscriptions per sub-fund, a single price will be determined according to the following
process:
o
If subscriptions are superior or equal to redemptions
o Notional commission (percentage of the market value — see above for rates) is added to the total net assets.
o Portfolio is valued at Offer Basis for the European markets.
o NAV is rounded up.
o
If redemptions are superior to subscriptions (Net redemption more than 10% of the net assets)
o Notional commission (percentage of the market value — see above for rates) is deducted from the total net assets.
o Portfolio is valued at Bid Basis for the European markets.
o NAV is rounded down.
o
If redemptions are superior to subscriptions (Net redemption less than 10% of the net assets)
o Notional commission (percentage of the market value — see above for rates) is added to the total net assets.
o Portfolio is valued at Offer Basis for the European markets.
o NAV is rounded down.
13. ACCESS 80% GUARANTEED SUB-FUND
At any time, the dealing price at which investors may redeem their shares cannot fall below 80% of the highest Net Asset Value per share
achieved by the sub-fund since its launch.
14. SUBSEQUENT EVENTS
Since 26 October 2009, the SCOTTISH WIDOWS INVESTMENT PARTNERSHIP LIMITED, 33 Old Broad Street, London EC2N 1HZ, United
Kingdom has been appointed as Investment Manager for the following Sub-Funds: CMI Continental European Equity, CMI German Equity, CMI
UK Equity, CMI Euro Bond, CMIG Fixed Term Euro Bond, CMI Japan Bond, CMI UK Bond, CMI US Bond, CMIG Fixed Term US Bond, CMI
Sterling Currency Reserve, CMI US Dollar Currency Reserve, CMI Euro Currency Reserve, CMI Global Bond, CMI Global Mixed, CMI Global
Equity.
23
ANHANG ZUM JAHRESBERICHT
1. ALLGEMEINES
Universe, The CMI Global Network Fund, SICAV (der “Fonds”) wurde am 12. April 1990 als Investmentfonds im Großherzogtum Luxemburg
gegründet und hat seine Geschäftstätigkeit am 1. Juni 1990 aufgenommen. Zuletzt notariell geändert am 25. Juli 2005, publiziert im
Mémorial am 24. August 2005. Der Fonds ist als Investmentgesellschaft mit variablem Grundkapital (“société d’investissement à capital
variable” oder “SICAV”) registriert und unterliegt dem Gesetz vom 20. Dezember 2002. Er umfaßt 29 Teilfonds, deren Fondsvermögen
jeweils in Wertpapieren, flüssigen Mitteln, sonstigem Vermögen und Verbindlichkeiten investiert ist.
2. BILANZIERUNGS- UND BEWERTUNGSGRUNDSÄTZE
Die Abschlüsse erfolgen in Übereinstimmung mit den luxemburgischen Vorschriften für Investmentfonds.
Im Folgenden werden die wichtigsten Bilanzierungs- und Bewertungsgrundsätze des Fonds zusammengefasst:
(a)
Bewertung der Wertpapiere:
Wertpapiere werden zum Angebotspreis am Mittag des Bilanzstichtages angesetzt. Alle Wertpapiere des Wertpapierbestandes
notieren an einer anerkannten Wertpapierbörse oder werden am regulierten Markt gehandelt. Finanzinstrumente, zu denen
kurzfristige Depositzertifikate und Commercial Papers (kurzfristige Schuldtitel, die von erstklassigen Industrie- und Bankadressen
ausgegeben werden) zählen, werden zu Anschaf-fungskosten angesetzt, falls die Absicht besteht, diese Titel bis zur Fälligkeit zu
halten. Die Differenz zwischen den Anschaffungskosten und dem Fälligkeitswert wird als Zinsertrag bis zur Endfälligkeit angesehen. In
diesem Jahresabschluss wurden Wertpapiere und derivative Finanzinstrumente mit den Schlusskursen vom 29. September 2009 für
die US-Wertpapiere, mit den Kursen von 13 Uhr des 30. September 2009 für die Europäischen Wertpapiere, und mit den
Schlusskursen vom 30. September 2009 für die Asiatischen Wertpapiere bewertet.
Wenn die Marktwerte und Wechselkurse am 30 September 2009 zum Börsenschluss für die Wertpapierbestände des Universe, The
CMI Global Network Fund angewandt worden wären, wären folgende Veränderungen in den Marktwerten der Wertpapiere
aufgetreten.
(b)
Devisenbewertung:
Geschäfte in Fremdwährung werden in Währung des jeweiligen Teilfonds zum Wechselkurs, der am Datum der Transaktion um 13 Uhr
gilt, umgerechnet. Vermögen und Verbindlichkeiten werden in die Währung des Teilfonds zum am Bilanzstichtag gültigen Wechselkurs
um 13 Uhr umgerechnet.
Der kombinierte Ausweis des Fondsvermögens, der Aufwands- und Ertragsrechnung und der Entwicklung des Fondsvermögens
erfolgt zum am Bilanzstichtag geltenden Euro-Wechselkurs, basierend auf dem Wechselkurs des Bilanzdatums.
(c)
Kostenverteilung:
Jeder Teilfonds wird entsprechend dem Verursacherprinzip mit den ihm zuzuweisenden Kosten belastet. Kosten, die keinem
bestimmten Teilfonds zugewiesen werden können, werden normalerweise durch die Anzahl der Teilfonds geteilt, so daß jedem
Teilfonds der gleiche Wert angerechnet wird.
(d)
Erträge:
Dividenden werden per Ex-Kurs abzüglich der Quellensteuern des Ursprungslandes verbucht. Zinsen werden auf der Grundlage der
period-engerechten Abgrenzung verbucht.
(e)
Gewinne und Verluste aus Wertpapierverkäufen:
Die realisierten Gewinne und Verluste aus Wertpapierverkäufen werden auf Basis der durchschnittlichen Anschaffungskosten des
jeweiligen Wertpapieres ermittelt.
(f)
Ertragsausgleich:
Der Fonds wendet die Bilanzierungspraxis des Ertragsausgleichs (equalisation) an, bei der ein bestimmter Teil der Erträge aus
Zeichnungen und Kosten aus Rückkäufen von Aktien, der dem anteiligen am Datum der Transaktion nicht ausgeschütteten und
saldierten Kapitalertrag entspricht, den nicht ausgeschütteten Erträgen gutgeschrieben oder belastet wird. Bei Zahlung einer
Dividende wird der Saldo des Ausgleichskontos in den für die Ausschüttung zur Verfügung stehenden Betrag aufgenommen. Auf
diese Weise wird der nicht ausgeschüttete und saldierte Kapitalertrag je Aktie durch Zeichnungen oder Rückkäufe von Aktien nicht
berührt.
3. GEBÜHREN FÜR DEN FONDSVERWALTER
Der Fonds hat CMI Asset Management (Luxembourg) S.A., eine nach den Gesetzen des Großherzogtums Luxemburg am 22. Dezember
1988 gegründete Gesellschaft, als “Verwaltungsgesellschaft” ernannt. Die“Verwaltungsgesellschaft” ist für die tägliche Verwaltung des
24
ANHANG ZUM JAHRESBERICHT - Fortsetzung
3. GEBÜHREN FÜR DEN FONDSVERWALTER - Fortsetzung
Fondsvermögens verantwortlich und hat Anspruch auf eine Gebühr, die monatlich im Nachhinein gezahlt wird. Berechnungsgrundlage ist der
Nettovermögenswert der einzelnen Teilfonds. Die Gebühren werden nach den im Prospekt aufgeführten Sätzen berechnet:
Klasse 1
Klasse 2
Klasse 3
Klasse 7
Equity Teilfonds, The CMI Global Mixed Teilfonds, und The CMI
Global Bond Teilfonds, the US Enhanced Equity sub-fund, Japan
Enhanced Equity sub-fund and Pacific Basin Enhanced sub-fund
1,25%
0,33%
0,115%
0,15%
The US Enhanced Equity sub-fund, Japan Enhanced Equity
sub-fund and Pacific Basin Enhanced sub-fund
0,75%
0,23%
0,115%
0,15%
0,75%
0,23%
0,115%
0,15%
0,50%
N/a
N/a
1,85%
N/a
N/a
N/a
0,18%
N/a
N/a
N/a
N/a
N/a
N/a
0,115%
N/a
N/a
N/a
N/a
N/a
N/a
0,15%
0,15%
0,15%
N/a
0,15%
0,15%
0,15%
Bond Teilfonds (ausser the CMI Global Bond Teilfonds), CMIG
Fixed Term US Bond
Teilfonds und CMIG Fixed Term Euro Bond Teilfonds
Equity Index Tracking and Currency Reserve Teilfonds
CMIG Access 80% Teilfonds
CMIG Access 80% Austrian Teilfonds
Access 80% Guaranteed Teilfonds
CMIG Access 70% Flexible Teilfonds
4. STEUERN
Gemäß dem derzeit geltenden Luxemburger Recht und den derzeitigen Rechtsgepflogenheiten unterliegt der Fonds in Luxemburg keinerlei
Einkommensteuer und die vom Fonds ausgeschütteten Dividenden unterliegen keiner Quellensteuer. Die Anteile der Klasse 1 des Fonds (mit
Ausnahme der Währungsreserve- und CMIG-Teilfonds) unterliegen in Luxemburg einer Steuer von 0,05% p.a. des Wertes des Nettovermögens, die vierteljährlich auf Grundlage des Wertes des Nettovermögens des Fonds zum Ende des jeweiligen Kalenderquartals zahlbar
ist. Für Anteile der Klasse 2, Klasse 3 und Klasse 7 der CMIG-Teilfonds und der drei Währungsreserveteilfonds wird eine Steuer in Höhe von
0,01% p.a. in Anschlag gebracht. Bei Ausgabe der Anteile fällt in Luxemburg mit Ausnahme einer einmaligen Registrationssteuer, die bei der
Eintragung ins Handelsregister entrichtet wurde, keine Stempelsteuer bzw. anderweitige Steuer an. Es werden keine Kapitalgewinnsteuern
für den realisierten oder nicht realisierten Kapitalgewinn aus dem Vermögen des Fonds erhoben.
5. AUSSCHÜTTUNGEN
Für das am 30. September 2008 endende Geschäftsjahr wurden am 10. Oktober 2008 folgende Ausschüttungen vorgenommen:
CMI CONTINENTAL EUROPEAN EQUITY Anteilsklasse 1
CMI GERMAN EQUITY Anteilsklasse 1
CMI JAPAN ENHANCED EQUITY Anteilsklasse 1
CMI PACIFIC BASIN ENHANCED EQUITY Anteilsklasse 1
CMI US ENHANCED EQUITY Anteilsklasse 1
CMI UK EQUITY Anteilsklasse 1
CMI EURO EQUITY TRACKING Anteilsklasse 1
CMI JAPAN EQUITY INDEX TRACKING Anteilsklasse 1
CMI UK EQUITY INDEX TRACKING Anteilsklasse 1
CMI US EQUITY INDEX TRACKING Anteilsklasse 1
EUR
EUR
EUR
EUR
EUR
EUR
EUR
JPY
JPY
JPY
JPY
USD
USD
USD
USD
USD
USD
USD
USD
GBP
GBP
GBP
GBP
EUR
EUR
EUR
EUR
JPY
JPY
JPY
GBP
GBP
GBP
GBP
USD
USD
CMI EURO BOND Anteilsklasse 1
CMIG FIXED TERM EURO BOND Anteilsklasse 3
CMI JAPAN BOND Anteilsklasse 1
CMI UK BOND Anteilsklasse 1
CMI US BOND Anteilsklasse 1
CMIG FIXED TERM US BOND Anteilsklasse 3
CMI STERLING CURRENCY RESERVE Anteilsklasse 1
CMI US DOLLAR CURRENCY RESERVE Anteilsklasse 1
CMI EURO CURRENCY RESERVE Anteilsklasse 1
CMI GLOBAL BOND Anteilsklasse 1
CMI GLOBAL BOND Anteilsklasse 2
CMI GLOBAL MIXED Anteilsklasse 1
CMI GLOBAL MIXED Anteilsklasse 2
CMI GLOBAL EQUITY Anteilsklasse 1
CMI GLOBAL EQUITY Anteilsklasse 2
CMIG ACCESS 80% Anteilsklasse 7
CMI EUROPEAN ENHANCED EQUITY Anteilsklasse 7
0,430
0,681
0,738
0,756
0,701
1,183
1,327
33,368
57,301
62,157
61,248
0,791
1,041
1,096
1,118
0,360
0,653
0,715
0,705
0,253
0,365
0,390
0,409
0,635
0,714
0,729
0,677
7,079
9,814
10,312
0,438
0,487
0,488
0,541
0,340
0,479
25
USD 0,505
USD 0,506
EUR 1,806
EUR 1,747
EUR 1,797
EUR 1,949
EUR 1,755
JPY 4,068
JPY 13,247
JPY 15,162
GBP 0,266
GBP 0,306
GBP 0,313
USD 0,482
USD 0,549
USD 0,564
USD 0,954
USD 2,104
GBP 0,288
GBP 0,304
GBP 0,308
USD 0,335
USD 0,369
USD 0,375
EUR 1,122
EUR 1,209
EUR 1,225
EUR 1,276
GBP 0,029
GBP 0,040
GBP 0,019
GBP 0,036
GBP 0,013
GBP 0,031
EUR 0,540
EUR 0,873
6. SONSTIGE ERTRÄGE
6.1 Wertpapierleihe
Der Fonds hat einen Wertpapierleihvertrag mit Royal Trust Corporation of Canada geschlossen.
Der Fonds erwirtschaftete im Laufe des Geschäftsjahres einen Nettogewinn von EUR 5.092.393 aus seinem Wertpapierleihgeschäft. Zum
30. September 2009 hatte der Fonds Vermögenswerte im Wert von EUR 892.199.455 verliehen.
6.2 Finanzspritze für den garantierten CMI Access 80% Teilfonds
Es wurde beschlossen, dass CMI Asset Management folgende Summe zuschießt:
a) Einen Betrag von EUR 221.000 in den garantierten CMI Access 80% Teilfonds am 28. April 2009, um den Garantiepreis zu erhalten, der
bei etwa 80% des Nettoinventarwerts liegt.
b) Diese Summe wird als außergewöhnliche Schenkung an den Teilfonds betrachtet und nicht zurückgezahlt.
6.3 Finanzspritze für den österreichischen CMIG Access 80% Teilfonds
Finanzspritzen in den österreichischen CMIG Access 80% Teilfonds wurden vorgenommen, um das Garantieniveau des verbundenen
Versicherungsfonds zu halten und erfolgten in Übereinstimmung mit dem Risikoberatervertrag und dem Reglement dieses Teilfonds. Die
CMIG Versicherungsgesellschaft ist der einzige Anteilinhaber des Teilfonds.
7. TRANSAKTIONEN MIT VERBUNDENEN UNTERNEHMEN
Es lagen keine nennenswerten Transaktionen mit verbundenen Unternehmen oder Personen vor, mit Ausnahme der in diesem Jahresbericht
erwähnten.
8. AN- & VERKÄUFE VON WERTPAPIEREN
Eine Auflistung der An- & Verkäufe des Berichtzeitraumes für jeden Teilfonds ist auf Anfrage bei der registrierten Anschrift des Fonds-Büros
oder über die Dresdner Bank A.G., Taunusanlage 12, D-60262 Frankfurt erhältlich.
9. AUSSERVERTRAGLICHE VERGÜTUNGEN
Weder die Fondsverwaltungsgesellschaft noch der Anlageberater hat während des Berichtszeitraums ousservertrogliche-Vereinbarungen
mit Brokern abgeschlossen.
10. TERMINKONTRAKTE
Die Terminkontrakte und die damit verbundenen, nicht realisierten Gewinne/(Verluste) stellen sich am 30 September 2009 folgendermaßen dar:
Teilfonds
Beschreibung
CMIG Access 80%
Topix Index (Tokyo) 10/12/2009 (30 kontrakte)
Hong Kong Hang Seng Indices 29/10/2009 (26 kontrakte)
S&P 500 Emini Index 18/12/2009 (198 kontrakte)
Dow Jones Euro Stoxx 50/18/12/2009 (19 kontrakte)
Topix Index (Tokyo) 10/12/2009 (1 kontrakt)
Ftse 100 Index 18/12/2009 (27 kontrakte)
S&P 500 Emini Index 18/12/2009 (20 kontrakte)
Dow Jones Euro Stoxx 50/ 18/12/2009 (281 kontrakte)
Nicht realisierter
Gewin/(Verlust)
kontraktwert
JPY
USD
USD
EUR
JPY
GBP
USD
EUR
EUR
EUR
EUR
EUR
EUR
273,000,000
3,503,705
10,442,025
547,960
9,100,000
1,386,990
1,054,750
8,104,040
547,960
173,040
288,400
1,643,880
144,200
JPY
USD
USD
EUR
JPY
GBP
USD
EUR
EUR
EUR
EUR
EUR
EUR
(7,398,000)
9,729
80,118
11,780
(160,000)
39,560
7,925
146,570
11,780
3,720
6,200
30,690
3,100
Barguthaben, die als Marge gegen oben genannte Positionen gehalten werden, sind in Bareinlagen bei Bankguthaben inbegriffen.
11. UMRECHNUNGSKURSE
Die Buchhaltung des Fonds erfolgt in EUR.
Umrechnungskurse zum 30 September 2009 waren:
1 EUR
1 EUR
1 EUR
= 0.910254 GBP
= 1.4656 USD
= 131.171316 JPY
26
12. FIKTIVE PROVISION
Die fiktive Provision ist eine Provision, um die Maklergebühren zu decken, die durch den Verkauf von Wertpapieren entstehen, wenn eine
umfangreiche Rücknahme von Anteilen verzeichnet wird.
Die Berechnung erfolgt täglich auf Grundlage der unten angegebenen Sätze. Für die Universe Bond-Teilfonds und die Currency Reserve-Teifonds
werden keine fiktive Provision erhoben. Bei den folgenden Teilfonds wird ein globaler Prozentsatz des Marktwertes des Portfolios festgelegt.
Name des Teilfonds
Fiktive Provision
CMI Germany Equity
CMI UK Equity
CMI Global Mixed
CMI Global Equity
CMIG Access 80%
0,200%
0,200%
0,350%
0,180%
0,200%
0,125%
0,200%
0,180%
0,125%
0,200%
0,175%
0,250%
0,200%
0,200%
0,200%
0,200%
0,200%
0,200%
Gemäß der täglichen Nettosumme der Rücknahmen und Zeichnungen pro Teilfonds wird ein Einheitskurs nach dem folgenden Schema ermittelt:
o
Wenn die Zeichnungen höher oder gleich den Rücknahmen sind:
o Die fiktive Provision (Prozentsatz des Marktwertes — Zahlen siehe oben) wird zum gesamten Nettovermögen addiert.
o Das Portfolio wird auf Briefkursbasis für die europäischen Märkte bewertet.
o Der Nettoinventarwert wird aufgerundet.
l
Wenn die Rücknahmen höher als die Zeichnungen sind (Nettorücknahmen mehr als 10% des gesamten Nettovermögens):
o Die fiktive Provision (Prozentsatz des Marktwertes — Zahlen siehe oben) wird vom gesamten Nettovermögen subtrahiert.
o Das Portfolio wird auf Geldkursbasis für die europäischen Märkte bewertet.
o Der Nettoinventarwert wird abgerundet.
l
Wenn die Rücknahmen höher als die Zeichnungen sind (Nettorücknahmen weniger als 10% des gesamten Nettovermögens)):
o Die fiktive Provision (Prozentsatz des Marktwertes — Zahlen siehe oben) wird zum gesamten Nettovermögen addiert.
o Das Portfolio wird auf Briefkursbasis für die europäischen Märkte bewertet.
o Der Nettoinventarwert wird abgerundet.
13. ACCESS 80% GUARANTEED TEILFONDS
Der Handelspreis, zu dem Anleger ihre Anteile zurückgeben können, beträgt stets mindestens 80% des höchsten Nettoinventarwerts, den
der Teilfonds seit seiner Auflegung erzielt hat.
14. EREIGNISSE NACH DEM STICHTAG
Seit dem 26. Oktober 2009 ist SCOTTISH WIDOWS INVESTMENT PARTNERSHIP LIMITED, 33 Old Broad Street, London EC2N 1HZ, United Kingdom,
zum Investment Manager folgender Teilfonds berufen: CMI Continental European Equity, CMI German Equity, CMI UK Equity, CMI Euro Bond, CMIG Fixed
Term Euro Bond, CMI Japan Bond, CMI UK Bond, CMI US Bond, CMIG Fixed Term US Bond, CMI Sterling Currency Reserve, CMI US Dollar Currency
Reserve, CMI Euro Currency Reserve, CMI Global Bond, CMI Global Mixed, CMI Global Equity.
27
Portfolio and sector analysis of each sub-fund
Wertpapierbestand und geographische Aufgliederung für jeden Teilfonds
CONTENTS
INHALVERZEICHNIS
CMI CONTINENTAL EUROPEAN EQUITY
Portfolio of investments - Wertpapierbestand
Sector Analysis of Portfolios - Analyse des Wertpapierbestandes
nach Sektoren
CMI GERMAN EQUITY
nach Sektoren
CMI JAPAN ENHANCED EQUITY
nach Sektoren
CMI PACIFIC BASIN ENHANCED EQUITY
nach Sektoren
CMI US ENHANCED EQUITY
nach Sektoren
CMI UK EQUITY
nach Sektoren
EURO EQUITY INDEX TRACKING
nach Sektoren
JAPAN EQUITY INDEX TRACKING
nach Sektoren
UK EQUITY INDEX TRACKING
nach Sektoren
US EQUITY INDEX TRACKING
nach Sektoren
CMI EURO BOND
nach Sektoren
CMIG FIXED TERM EURO BOND
nach Sektoren
CMI JAPAN BOND
nach Sektoren
CMI UK BOND
nach Sektoren
CMI US BOND
nach Sektoren
Page - Seite
CONTENTS
INHALVERZEICHNIS
CMIG FIXED TERM US BOND
nach Sektoren
29
31
CMI STERLING CURRENCY RESERVE
nach Sektoren
32
33
CMI US DOLLAR CURRENCY RESERVE
nach Sektoren
34
38
CMI EURO CURRENCY RESERVE
nach Sektoren
39
47
CMI GLOBAL BOND
nach Sektoren
48
52
CMI GLOBAL MIXED
nach Sektoren
53
55
CMI GLOBAL EQUITY
nach Sektoren
56
57
CMIG ACCESS 80%
nach Sektoren
58
62
CMI EUROPEAN ENHANCED EQUITY
nach Sektoren
63
68
ACCESS 80% GUARANTEED
nach Sektoren
69
73
CMIG ACCESS 80% AUSTRIAN
nach Sektoren
74
76
CMIG ACCESS 70% FLEXIBLE
nach Sektoren
77
78
nach Sektoren
79
80
nach Sektoren
81
82
83
84
28
Page - Seite
85
86
87
88
89
90
91
92
93
95
96
99
100
102
103
105
106
107
108
109
110
111
112
113
114
115
116
117
Portfolio of Investments as at 30 September 2009
Wertpapierbestand zum 30. September 2009
Quantity Anzahl
Shares Aktien
Description - Wertpapierbezeichnung
Market
Value EUR
Marktwert
EUR
Quantity Anzahl
364,330
235,844
151,110
37,255
99,741
385,005
550,120
661,765
406,775
Transferable securities admitted to an official stock exchange Amtlich notierte Wertpapiere
Austria - Österreich
258,507 Wienerberger Ag
0.25
3,624,268
Belgium - Belgien
332,852 Anheuser-bush Inbev Sa
1,273,411 Dexia Sa
102,466 Mobistar
5,658,058
Denmark - Dänemark
121,494 Novo-nordisk A/s -b150,271 Royal Unibrew A/s
69,891 Topdanmark As
Fortum Corporation
Nokia Oy
Sampo Plc A
Upm-kymmene Corp
446,577
377,962
834,156
158,957
446,822
485,066
372,358
167,040
732,299
1,146,302
644,353
114,437
159,552
136,659
105,260
396,361
225,386
638,426
554,894
110,485
313,982
1,220,941
475,754
Accor Sa.
Alstom
Axa
Biomerieux
Bnp Paribas
Carrefour S.a.
Credit Agricole Sa. Paris
Danone
France Telecom Sa
Gdf Suez
Ingenico.ind.fin.ing.
L’Oreal
Lafarge Sa
Lvmh Moet Hennessy Eur 0.3
Pernod-ricard
Peugeot Sa
Ppr Sa
Saint-gobain
Sanofi-aventis
Schneider Electric Sa
Ste Gen.paris -aTotal Sa
Vivendi
France - Frankreich
Germany - Deutschland
Allianz Se /nam.vinkuliert
Basf Se
Bayer
Bmw-bayer.motorenwerke
Commerzbank A.g.
Daimler Ag / Namen-akt.
Deutsche Bank Ag /nam.
Deutsche Telekom /nam.
E.on - Namen Akt.
Fresenius /vz.a.
Gildemeister Ag
Hamburger Hafen Und Logistik Ag
K & S Ag
Linde A.g.
0.40
Ireland - Irlande
0.40
3,427,787 Bank Of Ireland
1,476,557 Irish Life And Permanent Plc
1,948,527 Ryanair Holdings Plc***
0.37
0.25
0.50
0.98
1.11
1.45
0.23
1.20
1.34
1.08
0.84
1.76
1.08
0.38
0.48
0.93
2.47
0.87
0.55
0.69
0.67
0.40
0.59
1.39
1.60
1.96
0.54
1.24
3.52
0.70
Azimut Holding Spa
Banco Popolare Soc. Coop.
Brembo Spa
Campari Az/post Frazionamento
Enel
Eni Spa Roma
Geox
Intesa Sanpaolo Spa
Unicredit S.p.a.
20,675,727
9,190,841
16,548,056
2,035,986
6,383,424
12,851,467
35,603,766
5,591,914
9,616,161
1.45
0.65
1.16
0.14
0.45
0.90
2.50
0.39
0.68
1.29
8,822,706
9,520,697
0.62
0.67
11,260,280
8,490,203
6,644,477
0.79
0.60
0.47
1.86
5.91
7,277,436
13,432,552
7,995,225
7,566,326
7,338,038
6,535,900
3,465,507
11,348,315
19,189,129
0.51
0.94
0.56
0.53
0.52
0.46
0.24
0.80
1.35
20,115,393
1.41
11,665,493
9,526,314
18,762,968
7,078,277
4,728,656
24,377,757
0.82
0.67
1.32
0.50
0.33
1.71
Luxembourg - Luxembourg
775,608 Arcelormittal Sa
1.41
Netherlands - Niederland
1,998,885
777,341
1,657,506
420,575
728,382
1,235,568
Aegon Nv
Ing Groep Nv/cert.of Shs
Koninklijke Kpn Nv /eur 0.24
Roy.philips Electr./eur 0.2
Stmicroelectronics Nv
Unilever Cert.of Shs
5.35
Norway - Norwegen
537,300 Statoilhydro Asa
2,041,037 Storebrand As /bundna
1.20
8,366,571
8,688,854
Spain - Spanien
3,385,452
1,474,035
449,843
1,180,638
2,533,489
Banco Santander Sa / Reg.
Bco Bilbao Viz.argentaria/nam.
Obrascon Huarte Lain Sa
Repsol Ypf Sa. Madrid
Telefonica Sa
901,694
127,189
1,622,857
1,418,375
Ericsson Tel. B
Hennes & Mauritz Ab
Nordea Bank Ab
Skandinav.ensk.banken A
1.14
1.42
0.48
0.76
0.46
1.06
0.97
0.92
1.72
0.51
0.06
0.52
0.37
1.27
902,491
365,011
482,661
1,285,238
1,147,609
332,024
27,194
695,786
Abb Ltd Zuerich /namen.
Cie Suisse Reassura./nom.*opr*
Credit Suisse Group /nom.
Nestle Sa
Novartis Ag Basel/nam.
Roche Holding Ag /genussschein
Syngenta Ag /nam.
Temenos Group Ag /namen.
0.59
0.61
9.46
37,815,499
17,983,227
8,556,014
22,255,026
48,060,286
Sweden - Schweden
19.98
16,192,169
20,158,428
6,771,325
10,845,248
6,495,360
15,103,340
13,748,922
13,162,119
24,491,390
7,213,639
808,206
7,475,482
5,300,326
18,102,936
% of Net
Assets
- % des
Fondsvermögens
Italy - Italien
852,658
2,026,026
1,418,851
1,242,418
1,694,697
381,993
589,372
3,711,632
7,041,882
26.28
17,148,557
19,034,166
15,411,032
11,909,058
25,053,310
15,318,384
5,399,191
6,844,464
13,324,180
35,162,814
12,339,360
7,825,202
9,785,324
9,506,000
5,699,829
8,365,199
19,802,414
22,779,040
27,888,973
7,737,265
17,630,089
50,046,372
10,019,379
Man Se
Metro Ag
Muenchener Rueckvers/namensakt
Porsche A Hldg/pref
Rwe Ag (neu). Essen A
Sap Ag
Siemens Ag /nam.
Takkt Ag. Stuttgart
Thyssenkrupp Ag Duesseldorf
491,242 Coca Cola Hellenic Bottling
1,091,823 Hellenic Exch.h.clear.sett.reg
3.77
13,949,538
15,792,437
20,617,081
3,283,314
Market
Value EUR
Marktwert
EUR
Greece - Griechenland
0.74
0.56
0.34
1.12
5,182,191
3,532,873
7,173,472
Finland - Finnland
786,776
1,577,666
1,180,142
399,430
0.25
1.64
10,499,816
7,983,014
4,848,691
Cyprus - Zypern
1,855,101 Marfin Popular Bank Public Co
187,236
556,248
141,897
327,651
740,634
438,477
259,904
1,403,211
836,169
181,658
85,615
236,043
142,138
245,264
% of Net
Assets
- % des
Fondsvermögens
2.66
1.26
0.60
1.56
3.38
2.05
6,184,201
4,890,447
11,320,777
6,702,621
Switzerland - Schweiz
0.44
0.34
0.80
0.47
14.90
12,490,330
11,375,987
18,363,465
37,466,171
39,630,741
37,038,562
4,257,489
10,930,111
0.88
0.80
1.29
2.63
2.78
2.60
0.30
0.77
A Statement of changes in the composition of each of the sub funds is available to shareholders on request from the Fund’s Registered Office or Deutsche Bank A.G., Alfred Herrhausen Allee 16-24, D-65760 Eschborn. Eine Aufstellung der Veränderungen im Wertpapierbestand eines jeden Fonds ist für Anteilsinhaber auf Anfrage vom Gesellschaftsitz des
Fonds oder über die Deutsche Bank A.G., Alfred Herrhausen Allee 16- 24, D-65760 Eschborn erhältlich.
29
Quantity Anzahl
2,402,321 Ubs Ag /namensaktien
62,717 Zurich Financial Services/nam
Market
Value EUR
Marktwert
EUR
% of Net
Assets
- % des
Fondsvermögens
30,142,702
10,330,282
2.12
0.73
5,568,480
0.39
United States - Vereinigte Staaten
238,140 Autoliv Inc/swedish Dept.recpt
Options,
Warrants,
Rights Optionsscheine
0.39
904,253 Rights Wienerber Ag-29.9.09
Shares Aktien
0.09
1,220,742
0.09
Transferable securities dealt in on another regulated market An einem anderen geregelten Markt gehandelte Wertpapiere
580,533 Cie Financiere Richemont Sa
TOTAL INVESTMENT PORTFOLIO SUMME WERTPAPIERBESTAND
OTHER NET ASSETS
SONSTIGE NETTOVERMÖGEN
TOTAL NET ASSETS
GESAMTNETTOVERMÖGEN
0.80
11,382,184
0.80
1,396,703,005
98.15
26,351,617
1.85
1,423,054,622
100.00
30
Sector Analysis of Portfolio as at 30 September 2009
Analyse des Wertpapierbestandes nach Sektoren zum
30. September 2009
Sector
Sektor
Banks and financial institutions - Banken, Kreditinstitute
% of Net
Assets
- % des
Fondsvermögens
21.04
Pharmaceuticals and cosmetics - Pharmazeutika und Kosmetik
9.61
News transmission - Nachrichtenübermittlung
8.44
Insurance - Versicherungen
7.44
Food and distilleries - Nahrungsmittel, alkoholische Getränke
5.44
Public services - Energie und Wasserversorgung
5.16
Holding and finance companies - Holding- und Finanzgesellschaften
4.83
Retail trade, department stores - Einzelhandel und Warenhäuser
3.85
Petrol - Treibstoff
3.59
Automobile industry - Automobilindustrie
3.50
Construction, building materials - Bau, Baustoffe
3.23
Mechanics, machinery - Maschinen- und Apparatebau
2.78
Electronics and electrical equipment - Elektrotechnik und Elektronik
2.76
Chemicals - Chemie
2.57
Various capital goods - Verschiedene Produktionsgüter
2.50
Coal mines, heavy industries - Bergbau, Schwerindustrie
2.09
Tobacco and spirits - Tabak und alkoholische Getränke
1.92
Electronic semiconductor - Elektronischer Halbleiter
1.70
Internet software - Internet software
1.67
Other services - Sonstige Dienstleistungen
1.22
Leisure - Freizeit
1.20
Textile - Textil- und Bekleidungsindustrie
0.91
Transport - Verkehr und Transport
0.47
Forest products and paper industry - Papier und Holz
0.23
OTHER NET ASSETS
TOTAL NET ASSETS
98.15
1.85
100.00
31
CMI German Equity
Market
Value EUR
Marktwert
EUR
% of Net
Assets
- % des
Fondsvermögens
Quantity Anzahl
Shares Aktien
1,265
2,342
7,888
4,468
603
3,703
8,813
630
5,742
1,566
4,764
1,568
2,573
6,309
439
19,229
12,660
788
1,506
1,636
1,087
795
2,864
1,078
911
7,847
1,620
1,486
2,017
2,261
1,832
3,916
569
1,023
2,837
253
5,448
5,998
886
4,583
2,789
1,706
450
102
Adidas Ag
Basf Se
Bayer
Beiersdorf A.g.
Bmw-bayer.motorenwerke
Commerzbank A.g.
Cts Eventim Ag. Bremen
Delticom Ag
Deutsche Boerse Ag /nam.
Deutsche Lufthansa/nam.
Deutsche Post Ag. Bonn
Deutsche Postbank Ag/namen-akt
E.on - Namen Akt.
Fresenius /vz.a.
Fresenius Medical Care Ag
Gea Group Ag
Gildemeister Ag
Hamburger Hafen Und Logistik Ag
Hannover Rueckve./namen Akt
Henkel / Vorzug
Henkel Ag & Co. Kgaa
Infineon Technologies /nam.
K & S Ag
Linde A.g.
Man Se
Metro Ag
Pfleiderer Ag /nam.akt.
Porsche A Hldg/pref
Q Cells Ag
Salzgitter Ag
Sap Ag
Siemens Ag /nam.
Suedzucker Ag
Takkt Ag. Stuttgart
Thyssenkrupp Ag Duesseldorf
Tui Ag
Volkswagen Ag
Wacker Chemie Ag Muenchen
OTHER NET ASSETS
TOTAL NET ASSETS
99.60
46,135
202,536
285,861
213,213
24,229
122,569
77,290
19,284
197,783
30,615
252,016
88,498
31,301
81,008
10,628
180,368
370,811
31,291
51,340
23,460
10,261
25,178
89,930
31,833
22,784
30,564
60,410
109,682
114,465
88,111
200,622
32,072
31,096
13,514
181,568
16,865
181,854
388,191
12,244
38,726
65,932
12,087
51,561
10,744
1.11
4.85
6.84
5.10
0.58
2.93
1.85
0.46
4.74
0.73
6.03
2.12
0.75
1.94
0.25
4.32
8.88
0.75
1.23
0.56
0.25
0.60
2.15
0.76
0.55
0.73
1.45
2.63
2.74
2.11
4.80
0.77
0.75
0.32
4.35
0.40
4.35
9.29
0.29
0.93
1.58
0.29
1.23
0.26
4,160,530
99.60
16,753
0.40
4,177,283
100.00
32
CMI German Equity
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
Chemicals - Chemie
13.65
13.55
11.80
9.65
9.29
8.13
6.18
4.35
4.32
3.04
2.69
2.56
2.12
1.98
Consumer goods - Verschiedene Konsumgüter
1.31
1.11
0.77
0.73
Miscellaneous - Andere
0.73
0.60
Graphic art and publishing - Grafik und Verlage
0.46
0.29
Leisure - Freizeit
0.29
OTHER NET ASSETS
TOTAL NET ASSETS
99.60
0.40
100.00
33
Quantity Anzahl
Shares Aktien
Market
Value JPY
Marktwert
JPY
Quantity Anzahl
6,000
2,900
22,000
500
1,500
6,200
11,800
6,000
8,500
7,400
3,300
4,200
3,300
2,000
10,500
12,000
14
10,900
6,000
56,700
24,000
2,000
300
5,500
1,000
9,000
16,000
6,000
2,000
12,000
490
1,500
56,000
67,500
1,200
2,000
600
8,000
900
13,000
1,900
4,000
1,200
3,710
1,368
1,300
1,900
95,000
200
4,000
600
2,000
6,000
17,000
9,600
38,900
1,300
9,100
5,000
5,000
3,100
900
34,000
10
620
14,000
2,100
2,100
Japan - Japan
700
1,260
2,900
15,100
2,500
2,700
15,000
5,000
2,700
12,000
600
3,400
11,400
9,500
1,600
24,000
17,200
34,000
20,000
1,000
5,000
15,300
1,000
4,000
8,000
4,000
3,200
29,000
23,900
9,600
40,500
2,400
1,700
11,600
68
18,000
3,000
22,000
6,200
7,000
4,000
32,000
1,500
12,000
1,800
2,000
25,000
5,200
15,000
12,000
7,000
7,100
3,100
6,000
5,100
7,000
3,000
1,000
43,000
18
13,000
% of Net
Assets
- % des
Fondsvermögens
Abc Mart Inc
Acom Co Ltd *opa*
Advantest Corp.
Aeon Co Ltd
Aeon Credit Service Ltd
Aeon Mall Co Ltd
Aioi Insurance Co Ltd
Air Water Inc Osaka
Aisin Seiki Co Ltd
Ajinomoto Co. Inc
Alfresa Hld Corp Tokyo
Alfresa Holdings Corp
All Nippon Airways Co Ltd
Alps Electric Co
Aoyama Trading Co Ltd
Aozora Bank Ltd
Asahi Breweries
Asahi Glass Co. Ltd
Asahi Kasei Corp
Asatsu-dk Inc.
Asics Corp.
Astellas Pharma Inc
Autobacs Seven Co Ltd
Awa Bank Ltd
Bank Of Kyoto
Bank Of Nagoya Ltd
Benesse Corp.
Bk Of Yokohama
Bridgestone Corp
Brother Industries Ltd
Canon Inc.
Canon Marketing Japan Inc
Capcom Co Ltd
Casio Computer Co.ltd
Central Japan Railway Co
Chiba Bank
Chiyoda Corp
Chubu Electric Power C. Jpy500
Chugai Pharmaceut. Co.ltd
Chugoku Bank Ltd
Chugoku Electr.power Jpy 500
Chuo Mitsui Trust Holdings Inc
Circle K Sunkus Co Ltd
Citizen Holdings Co Ltd
Coca-cola West Company Ltd
Comsys Holdings Corp
Cosmo Oil Co Ltd
Credit Saison Co Ltd
Dai Nippon Printing Co.ltd
Daicel Chemical Industries Co.
Daihatsu Motor Co
Daiichi Sankyo Co Ltd
Daikin Industries Ltd
Dainippon Screen Manufact.
Dainippon Sumitomo Pharma Co
Daishi Bank Ltd
Daito Trust Construct.
Daiwa H. Industr.co. Ltd
Daiwa Securities Group Inc
Dena Co Ltd Tokyo
Denki Kagaku Kogyo Kk
95.21
1,956,500
1,741,320
7,221,000
12,970,900
2,260,000
5,046,300
6,870,000
5,170,000
5,913,000
10,788,000
2,196,000
4,294,200
2,941,200
4,921,000
2,465,600
3,120,000
28,242,400
24,650,000
9,140,000
1,895,000
4,175,000
56,457,000
3,300,000
2,064,000
6,600,000
1,552,000
14,080,000
12,760,000
38,502,900
10,329,600
147,015,000
3,813,600
2,998,800
8,502,800
43,860,000
10,008,000
2,121,000
47,960,000
11,513,400
7,959,000
7,896,000
10,656,000
2,032,500
6,060,000
3,162,600
1,968,000
6,250,000
5,491,200
18,540,000
6,504,000
6,419,000
13,156,300
10,013,000
2,040,000
4,992,900
2,541,000
11,760,000
940,000
19,909,000
4,464,000
4,810,000
0.03
0.03
0.13
0.23
0.04
0.09
0.12
0.09
0.11
0.19
0.04
0.08
0.05
0.09
0.04
0.06
0.50
0.44
0.16
0.03
0.07
1.01
0.06
0.04
0.12
0.03
0.25
0.23
0.69
0.18
2.62
0.07
0.05
0.15
0.78
0.18
0.04
0.85
0.21
0.14
0.14
0.19
0.04
0.11
0.06
0.04
0.11
0.10
0.33
0.12
0.11
0.23
0.18
0.04
0.09
0.05
0.21
0.02
0.35
0.08
0.09
Denso Corp *opr*
Dentsu Inc Tokyo
Dic Corp
Disco Corp.
Don Quijote Co Ltd
Dowa Holdings Co Ltd
East Japan Railway Co
Ebara Corp.
Eisai Co.ltd
Electric Power Development Co
Ezaki Glico Co Ltd
Familymart Co Ltd
Fanuc Ltd Jpy 50
Fast Retailing Co Ltd
Fuji Electric Holdings Co Ltd
Fuji Heavy Industries Ltd
Fuji Media Holdings Inc.
Fujifilm Holdings Corp
Fujikura Ltd
Fujitsu Ltd
Fukuoka Financial Group
Fukuyama Transp.
Funai Electric Co Ltd
Furukawa Electric Co. Ltd
Glory Ltd
Gs Yuasa Corp Kyoto
Gunma Bank Ltd
Gunze Ltd
H2o Retailing Corp
Hachijuni Bank Ltd
Hakuhodo Dy Hld Inc
Hamamatsu Photonics
Hankyu Hanshin Holdings Inc
Haseko Corp
Heiwa Corp.
Higo Bank Ltd
Hikari Tsushin Inc.
Hino Motors Ltd
Hirose Electric Co.ltd
Hiroshima Bank Ltd
Hisamitsu Pharmaceutical Co
Hitachi Cable Ltd
Hitachi Capital Corp.
Hitachi Chemical Co
Hitachi Constr.machin.
Hitachi High-technologies Corp
Hitachi Koki Co Ltd
Hitachi Ltd.
Hitachi Maxell Co.ltd
Hitachi Metals Ltd
Hitachi Software Engineering
Hokkaido Electr.power
Hokkoku Bank Ltd
Hokuhoku Financial Group
Hokuriku Elec.jpy 500
Honda Motor Co.ltd
House Foods Corp
Hoya Corp
Hyakugo Bank Ltd (105th Bank)
Hyakujuschi Bank Ltd
Ibiden Co Ltd
Idemitsu Kosan
Ihi Corp
Inpex Corp
Isetan Mitsukoshi Hld Ltd
Isuzu Motors Ltd
It Holdings Corp
Ito En Ltd
Market
Value JPY
Marktwert
JPY
% of Net
Assets
- % des
Fondsvermögens
15,840,000
6,061,000
2,816,000
2,990,000
3,195,000
3,372,800
76,228,000
2,370,000
28,730,000
21,053,000
3,296,700
12,138,000
26,565,000
22,720,000
1,743,000
4,188,000
2,058,000
29,321,000
2,640,000
33,282,900
8,952,000
958,000
1,230,000
2,007,500
2,205,000
7,380,000
7,904,000
2,466,000
1,128,000
6,000,000
2,396,100
3,225,000
24,080,000
5,940,000
1,188,000
1,060,000
1,176,600
2,728,000
9,108,000
4,823,000
6,916,000
1,052,000
1,322,400
6,804,140
2,636,136
2,440,100
1,920,900
26,220,000
347,000
3,676,000
1,587,000
3,736,000
2,250,000
3,570,000
21,936,000
107,558,500
1,953,900
19,292,000
2,310,000
2,030,000
10,354,000
6,669,000
6,188,000
7,660,000
639,220
2,660,000
2,601,900
3,490,200
0.28
0.11
0.05
0.05
0.06
0.06
1.36
0.04
0.51
0.38
0.06
0.22
0.47
0.41
0.03
0.07
0.04
0.52
0.05
0.59
0.16
0.02
0.02
0.04
0.04
0.13
0.14
0.04
0.02
0.11
0.04
0.06
0.43
0.11
0.02
0.02
0.02
0.05
0.16
0.09
0.12
0.02
0.02
0.12
0.05
0.04
0.03
0.47
0.01
0.07
0.03
0.07
0.04
0.06
0.39
1.92
0.03
0.34
0.04
0.04
0.18
0.12
0.11
0.14
0.01
0.05
0.05
0.06
34
Quantity Anzahl
57,000
900
8,000
2,100
800
900
14,000
600
9,000
141
9,600
6,500
22,000
9,000
5,500
5,200
9,000
11
3,000
5,000
50,000
12,000
3,000
5,000
11,000
17,000
4,000
8,000
17,200
24,000
13,700
98
12,000
9,100
10,400
14,000
5,000
756
3,000
8,000
26,500
14,000
1,000
500
35,000
3,000
2,400
21,300
1,200
3,900
11,000
900
31,000
15,000
2,900
5,400
5,231
13,200
3,100
3,000
1,100
5,600
1,300
3,000
62,400
4,900
2,600
3,700
900
8,100
1,219
Itochu Corp
Itochu Techno-solutions Corp
Iyo Bank Ltd
Izumi Co Ltd
J. Front Retailing Co Ltd
Jafco Co Ltd
Japan Airlines Corp Jal
Japan Petroleum Exploration Co
Japan Steel Works Ltd
Japan Tobacco Inc.
Jfe Holdings Inc
Jgc Corp.
Joyo Bank Ltd
Js Group Corp
Jsr Corp. Tokyo
Jtekt Corp
Juroku Bank Ltd
Kabu.com Securities Co Ltd
Kagome Co Ltd
Kagoshima Bank Ltd
Kajima Corp.
Kamigumi Co Ltd
Kandenko Co Ltd
Kaneka Corp.
Kankaku Securities Co Ltd
Kansai Electr. Power C. Jpy500
Kansai Paint Co Ltd Osaka
Kansai Urban Banking Corp
Kao Corp.
Kawasaki Heavy Ind.
Kawasaki Kisen
Kddi Corp.
Keihan Electric Railway Co Ltd
Keihin Elec.express Railway Co
Keio Corp
Keisei Electric Railway
Keiyo Bank Ltd
Keyence Corp.
Kikkoman Corp.
Kinden Corp
Kintetsu Corp
Kirin Holdings Co Ltd
Kissei Pharmaceutical Co Ltd
Kobayashi Pharmaceutical Co
Kobe Steel Ltd
Koito Manufacturing Co Ltd
Kokuyo Co Ltd
Komatsu Ltd
Komeri Co Ltd
Konami Corp
Konica Minolta Holdings Inc
Kose Corp Tokyo
Kubota Corp
Kuraray Co Ltd
Kurita Water Ind.ltd
Kyocera Corp.
Kyowa Hakko Kirin Co Ltd
Kyushu Electr.power Co/jpy 500
Lawson Inc
Leopalace21 Corp
Lintec Corp
Lion Corp.
Mabuchi Motors
Makita Corp
Marubeni Corp.
Marui Group Co Ltd
Maruichi Steel Tube
Matsui Securities Ltd
Matsumotokiyoshi Holdings Co
Mazda Motor Corp
Meiji Holdings Co Ltd
Market
Value JPY
Marktwert
JPY
% of Net
Assets
- % des
Fondsvermögens
33,915,000
2,488,500
6,480,000
2,622,900
432,800
2,470,500
1,848,000
2,748,000
9,288,000
43,428,000
29,568,000
11,934,000
9,702,000
14,175,000
10,120,000
5,439,200
2,763,000
1,193,500
5,442,000
3,570,000
11,500,000
8,796,000
1,863,000
3,225,000
1,012,000
36,890,000
2,800,000
1,000,000
38,184,000
5,472,000
4,562,100
49,588,000
4,812,000
6,925,100
6,375,200
8,344,000
2,295,000
14,500,080
3,354,000
6,008,000
9,195,500
19,264,000
2,300,000
2,045,000
5,495,000
3,735,000
1,970,400
35,826,600
3,192,000
7,137,000
9,361,000
1,971,000
23,157,000
14,700,000
9,338,000
44,982,000
5,947,647
26,862,000
12,927,000
2,163,000
1,881,000
2,609,600
5,941,000
8,550,000
28,267,200
3,150,700
4,667,000
2,708,400
2,016,000
1,628,100
4,668,770
0.60
0.04
0.12
0.05
0.01
0.04
0.03
0.05
0.17
0.77
0.53
0.21
0.17
0.25
0.18
0.10
0.05
0.02
0.10
0.06
0.21
0.16
0.03
0.06
0.02
0.66
0.05
0.02
0.68
0.10
0.08
0.88
0.09
0.12
0.11
0.15
0.04
0.26
0.06
0.11
0.16
0.34
0.04
0.04
0.10
0.07
0.04
0.64
0.06
0.13
0.17
0.04
0.41
0.26
0.17
0.80
0.11
0.48
0.23
0.04
0.03
0.05
0.11
0.15
0.50
0.06
0.08
0.05
0.04
0.03
0.08
Quantity Anzahl
18,000
1,000
1,200
26,000
37,800
44,100
30,000
13,000
103,000
5,000
14,000
54,000
11,000
5,500
329,970
1,950
34,000
11,000
31,000
24,000
16,000
28,500
4,100
312,000
16,000
68,000
3,000
43
12,100
6,300
900
1,000
2,000
23,900
5,400
8,000
30,800
700
6,000
1,000
6,000
5,000
300
3,000
3,000
3,000
5,000
33,000
5,000
3,000
31,100
31,000
6,000
2,800
14,000
5,000
112,400
14,700
150
33,000
18,000
1,000
15,000
9,000
4,000
77,600
1,100
8,500
5,600
500
1,000
Minebea Co Ltd
Miraca Holdings Inc
Misumi Group Inc
Mitsubishi Chemical Hldgs Corp
Mitsubishi Corp
Mitsubishi Electric Corp
Mitsubishi Estate Co.
Mitsubishi Gas Chemical
Mitsubishi Heavy Industries
Mitsubishi Logistics Corp
Mitsubishi Materials Corp
Mitsubishi Motor Corp.
Mitsubishi Rayon Co. Ltd
Mitsubishi Tanabe Pharma Corp
Mitsubishi Ufj Financial Group
Mitsubishi Ufj Lease & Finance
Mitsui & Co Ltd
Mitsui Chemicals Inc.
Mitsui Engin.+shipbuil
Mitsui Fudosan Co
Mitsui Mining+smelting
Mitsui O.s.k.lines Ltd Tokyo
Mitsumi Electric Co
Mizuho Financial Group Inc
Mizuho Securities Co Ltd
Mizuho Trust & Banking Co Ltd
Mochida Pharmaceutical
Monex Group Inc
Msig Holdings
Murata Manufacturing Co Ltd
Musashino Bank Ltd
Nabtesco Corp
Nagase + Co Ltd
Nagoya Railroad Co Ltd
Namco Bandai Hldg
Nanto Bank Ltd
Nec Corp
Nec Electronics Corp
Ngk Insulators Ltd
Ngk Spark Plug Co Ltd
Nhk Spring Co
Nichirei Corp.
Nidec Corp
Nidec Sankyo Corp
Nikon Corp.
Nintendo Co.ltd
Nippon Electric Glass
Nippon Express Co.ltd
Nippon Kayaku Co Ltd
Nippon Meat Packers
Nippon Mining Holdings Inc
Nippon Oil Corp
Nippon Paint Co Ltd
Nippon Paper Group Inc
Nippon Sheet Glass Co.
Nippon Shokubai Co Ltd
Nippon Steel Corp
Nippon Tel&tel
Nippon Television Netw
Nippon Yusen K K
Nipponkoa Insurance Co Ltd
Nipro Corp
Nishi Nippon City Bk
Nishi-nippon Railroad
Nissan Chemical Ind.
Nissan Motor Co.ltd
Nissha Printing Co Ltd
Nisshin Seifun Group Inc
Nisshinbo Holdings Corp
Nissin Food Products Co.ltd
Nitori Co Ltd
Market
Value JPY
Marktwert
JPY
% of Net
Assets
- % des
Fondsvermögens
7,416,000
2,930,000
2,257,200
9,698,000
68,644,800
29,988,000
42,360,000
6,344,000
35,020,000
5,435,000
3,472,000
7,992,000
3,388,000
6,583,500
159,045,540
5,284,500
39,916,000
3,520,000
7,223,000
36,456,000
3,680,000
15,162,000
7,945,800
55,536,000
5,232,000
6,460,000
2,850,000
1,397,500
29,947,500
26,838,000
2,443,500
1,071,000
2,220,000
7,193,900
4,962,600
3,872,000
8,685,600
558,600
12,480,000
1,146,000
4,446,000
1,775,000
2,187,000
1,527,000
4,926,000
69,000,000
4,095,000
12,045,000
3,975,000
3,462,000
13,746,200
15,624,000
2,928,000
7,252,000
4,200,000
3,975,000
36,867,200
61,152,000
1,935,000
11,451,000
10,116,000
2,100,000
3,405,000
3,213,000
5,176,000
47,103,200
5,049,000
10,676,000
5,348,000
1,725,000
7,650,000
0.13
0.05
0.04
0.17
1.22
0.53
0.76
0.11
0.62
0.10
0.06
0.14
0.06
0.12
2.84
0.09
0.71
0.06
0.13
0.65
0.07
0.27
0.14
0.99
0.09
0.12
0.05
0.02
0.53
0.48
0.04
0.02
0.04
0.13
0.09
0.07
0.15
0.01
0.22
0.02
0.08
0.03
0.04
0.03
0.09
1.23
0.07
0.21
0.07
0.06
0.25
0.28
0.05
0.13
0.07
0.07
0.66
1.09
0.03
0.20
0.18
0.04
0.06
0.06
0.09
0.84
0.09
0.19
0.10
0.03
0.14
35
Quantity Anzahl
3,300
3,300
74,400
5,000
4,000
12,000
8,000
47
489
37
15,000
180
15,500
6,000
36,000
3,000
5,000
7,000
4,200
3,500
3,000
600
1,100
3,190
76,000
500
400
1,600
2,000
65,400
7,000
2,950
4,500
9,000
12,800
16,000
200
3,100
1,100
4,000
1,500
2,500
29,000
7,900
10,000
474
4,900
4,100
4,500
4,000
11,000
14,000
22,600
8,000
210
19,000
1,000
4,600
1,000
700
6,000
500
1,400
10,000
12,400
1,800
45,000
5,000
7,000
12,000
1,400
Nitto Denko Corp
Nok Corp
Nomura Holdings Inc
Nomura Real Estate Hdgs Inc
Nomura Research Institute Ltd
Nsk Ltd
Ntn Corp
Ntt Data Corp
Ntt Docomo Inc
Ntt Urban Dev Corp
Obayashi Corp.
Obic Co Ltd Tokyo
Odakyu El.railway
Ogaki Kyoritsu Bk
Oji Paper Co Ltd
Okasan Securities Group Inc
Okuma Corp
Olympus Corp
Omron Corp
Ono Pharmaceutical Co.
Onward Holdings Co Ltd
Oracle Corp Japan Toky
Oriental Land Co Ltd
Orix Corp
Osaka Gas Co Ltd
Osaka Titanium Technologies Co
Otsuka Corp
Pacific Metals Co Ltd
Panahome Corp
Panasonic Corp
Panasonic Electric Works Co
Promise Co Ltd
Qp Corp.
Rengo Co Ltd
Resona Holdings Inc
Ricoh Co.ltd
Rinnai Corp.
Rohm Co.ltd
Ryohin Keikaku Co Ltd
San-in Godo Bank Ltd
Sankyo
Santen Pharmaceutical
Sanyo Electric Co.ltd
Sapporo Hokuyo Holdings Inc
Sapporo Holdings Ltd
Sbi Holdings Inc
Secom Ltd
Sega Sammy Holding Inc
Seiko Epson Corp
Seino Holdings Co Ltd
Sekisui Chemical Co Ltd
Sekisui House Ltd
Seven & I Holdings Co Ltd
Seventy-seven (77) Bank
Sfcg Co Ltd
Sharp Corp.
Shiga Bank Ltd
Shikoku Electric Power Co Inc.
Shima Seiki Mfg Ltd
Shimachu Co Ltd
Shimadzu Corp
Shimamura Corp.
Shimano Inc.
Shimizu Corp
Shin-etsu Chemical Co
Shinko Electric Industries Co
Shinsei Bank Ltd
Shionogi & Co Ltd
Shiseido Co.ltd
Shizuoka Bank Ltd
Showa Shell Sekiyu Kk
Market
Value JPY
Marktwert
JPY
% of Net
Assets
- % des
Fondsvermögens
9,075,000
4,415,400
41,143,200
7,295,000
8,540,000
6,684,000
2,976,000
13,517,200
70,122,600
3,048,800
5,895,000
2,734,200
12,555,000
1,854,000
14,580,000
1,200,000
2,260,000
16,660,000
7,114,800
16,345,000
2,004,000
2,400,000
6,952,000
17,481,200
23,940,000
1,285,000
2,148,000
1,089,600
1,096,000
86,524,200
7,511,000
1,445,500
4,612,500
4,950,000
14,784,000
20,928,000
848,000
19,468,000
5,115,000
3,060,000
8,430,000
8,250,000
6,177,000
2,520,100
4,580,000
8,418,240
22,148,000
4,788,800
6,057,000
3,108,000
5,742,000
11,340,000
48,590,000
4,096,000
0.00
18,962,000
563,000
12,604,000
2,085,000
1,648,500
3,900,000
4,405,000
5,432,000
3,530,000
68,448,000
2,878,200
6,210,000
10,625,000
10,955,000
11,376,000
1,373,400
0.16
0.08
0.73
0.13
0.15
0.12
0.05
0.24
1.25
0.05
0.11
0.05
0.22
0.03
0.26
0.02
0.04
0.30
0.13
0.29
0.04
0.04
0.12
0.31
0.43
0.02
0.04
0.02
0.02
1.54
0.13
0.03
0.08
0.09
0.26
0.37
0.02
0.35
0.09
0.05
0.15
0.15
0.11
0.04
0.08
0.15
0.39
0.09
0.11
0.06
0.10
0.20
0.87
0.07
0.00
0.34
0.01
0.22
0.04
0.03
0.07
0.08
0.10
0.06
1.22
0.05
0.11
0.19
0.20
0.20
0.02
Quantity Anzahl
1,300
23,100
2,000
50,700
22,000
25,200
24
8,900
1,300
4,900
1,600
1,000
7,000
23,000
55,200
17,400
3,700
11,800
89,000
17,000
28,400
11,000
230
14,000
3,500
37,000
6,000
1,200
3,400
475
5,850
20,000
41,000
7,500
8,000
3,700
5,000
4,000
1,200
16,400
2,110
1,800
16,000
4,500
3,300
23,800
7,000
3,500
8,200
1,800
9,600
4,000
1,300
900
16,100
5,000
1,200
29,900
2,200
76,000
5,000
2,000
8,000
23,000
13,000
5,796
3,000
21,000
13,000
67,500
7,000
Smc Corp
Softbank
Sohgo Security Services Co
Sojitz Corp
Sompo Japan Insurance Inc
Sony Corp Jpy 50
Sony Financial Holding Inc
Sotetsu Holdings Inc
Square Enix
Stanley Electric Co Ltd
Sumco Corp
Sumisho Computer Systems Corp.
Sumitomo Bakelite Co
Sumitomo Chemical Co.ltd
Sumitomo Corp.
Sumitomo Electric Industries
Sumitomo Forestry Co.
Sumitomo Heavy Industries
Sumitomo Metal Industries
Sumitomo Metal Mining Co.ltd
Sumitomo Mitsui Financial Gr
Sumitomo Osaka Cement Co Ltd.
Sumitomo Real Estate Sales
Sumitomo Realty+development
Sumitomo Rubber Ind.
Sumitomo Tr.+banking
Suruga Bank Ltd
Suzuken Co
Suzuki Motor Corp
Sysmex Corp. Kobe
T&d Holdings Inc Tokyo
Taiheiyo Cement Corp. Tokyo
Taisei Corp.
Taisho Pharmaceutical Co.ltd
Taiyo Nip.sanso Corp
Taiyo Yuden Co Ltd
Takara Holdings Inc
Takashimaya Co Ltd
Takata Corp Tokyo
Takeda Pharmaceutical Co Ltd
Takefuji Corp
Tdk Corp
Teijin Ltd
Terumo Corp.
Thk Co Ltd
Tobu Railway Co.ltd
Toda Corp
Toho Co Ltd .tokyo
Toho Gas Co Ltd
Toho Titanium Co Ltd
Tohoku Electr.power Jpy 500
Tokai Carbon Ltd
Tokai Rika Co Ltd
Tokai Rubber Industries Ltd
Tokio Marine Holdings Inc
Tokuyama
Tokyo Broadcast.syst.
Tokyo Electric Power Jpy 500
Tokyo Electron Co Ltd
Tokyo Gas Co.ltd
Tokyo Steel Mfg
Tokyo Style Co Ltd
Tokyo Tatemono Co Ltd
Tokyu Corp
Tokyu Land Corp.
Tonengeneral Sekiyu Kk Tokyo
Toppan Forms Co Ltd .tokyo
Toppan Printing Co.ltd
Toray Industries Inc.
Toshiba Corp
Toshiba Tec Corp.
Market
Value JPY
Marktwert
JPY
% of Net
Assets
- % des
Fondsvermögens
14,352,000
45,576,300
2,130,000
8,669,700
13,288,000
66,906,000
6,189,600
3,515,500
3,159,000
8,918,000
3,264,000
1,494,000
3,332,000
8,602,000
51,060,000
20,427,600
2,793,500
5,168,400
19,669,000
25,058,000
88,892,000
1,870,000
738,300
23,002,000
2,964,500
17,649,000
5,094,000
3,720,000
7,123,000
1,843,000
14,215,500
2,400,000
7,298,000
13,612,500
8,552,000
3,918,300
3,105,000
2,872,000
1,969,200
61,336,000
666,760
9,342,000
4,480,000
22,230,000
5,801,400
13,042,400
2,219,000
5,323,500
3,362,000
2,190,600
19,200,000
1,696,000
2,094,300
891,900
41,860,000
3,290,000
1,832,400
70,414,500
12,606,000
28,348,000
5,500,000
1,548,000
3,512,000
9,890,000
4,667,000
5,083,092
3,696,000
17,850,000
7,072,000
31,792,500
2,940,000
0.26
0.81
0.04
0.15
0.24
1.19
0.11
0.06
0.06
0.16
0.06
0.03
0.06
0.15
0.91
0.36
0.05
0.09
0.35
0.45
1.58
0.03
0.01
0.41
0.05
0.31
0.09
0.07
0.13
0.03
0.25
0.04
0.13
0.24
0.15
0.07
0.06
0.05
0.04
1.09
0.01
0.17
0.08
0.40
0.10
0.23
0.04
0.09
0.06
0.04
0.34
0.03
0.04
0.02
0.75
0.06
0.03
1.26
0.22
0.51
0.10
0.03
0.06
0.18
0.08
0.09
0.07
0.32
0.13
0.57
0.05
36
Quantity Anzahl
13,000
9,800
5,500
4,000
30,000
1,800
500
2,600
3,600
70,900
2,900
2,000
1,652
5
3,000
35,000
1,100
900
2,600
130
3,000
55
256
2,908
2,340
6,000
4,800
6,600
1,400
13,000
4,800
1,000
4,000
5,800
16,000
Tosoh Corp
Toto Ltd
Toyo Seikan Kaisha Ltd
Toyo Suisan Kaisha
Toyobo Co Ltd
Toyoda Gosei Co Ltd
Toyota Auto Body
Toyota Boshoku Corp.
Toyota Industries Corp
Toyota Motor Corp.
Toyota Tsusho Corp.
Trend Micro Inc..tokyo
Tsumura & Co
Tv Asahi Corp
U N Y Co Ltd
Ube Industries Ltd
Ulvac Inc
Uni-charm Corp.
Ushio Inc
Uss Co Ltd Tokai
Wacoal Holdings Corp
West Japan Railway Co
Yahoo Japan Corp Tokyo
Yakult Honsha
Yamada Denki Co Ltd
Yamaguchi Financial Group Inc
Yamaha Corp.
Yamaha Motor Co Ltd
Yamatake Corp
Yamato Holdings Co Ltd
Yamato Kogyo Co Ltd
Yamazaki Baking Co
Yaskawa Electric Corp.
Yokogawa Electric Corp
Yokohama Rubber Co Ltd
OTHER NET ASSETS
TOTAL NET ASSETS
Market
Value JPY
Marktwert
JPY
% of Net
Assets
- % des
Fondsvermögens
2,951,000
5,507,600
9,498,500
9,720,000
4,620,000
4,725,000
875,000
4,604,600
8,874,000
253,113,000
3,926,600
6,700,000
5,352,480
760,000
2,016,000
8,260,000
2,601,500
7,668,000
4,069,000
695,500
3,516,000
18,700,000
7,808,000
6,964,660
14,227,200
5,586,000
5,097,600
7,306,200
2,828,000
19,175,000
12,144,000
1,216,000
2,592,000
4,611,000
7,056,000
0.05
0.10
0.17
0.17
0.08
0.08
0.02
0.08
0.16
4.51
0.07
0.12
0.10
0.01
0.04
0.15
0.05
0.14
0.07
0.01
0.06
0.33
0.14
0.12
0.25
0.10
0.09
0.13
0.05
0.34
0.22
0.02
0.05
0.08
0.13
5,341,391,085
95.21
268,511,908
4.79
5,609,902,993
100.00
37
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
14.86
12.56
9.33
5.92
5.79
5.04
4.43
Other business houses - Diverse Handelshäuser
4.20
Chemicals - Chemie
3.88
3.78
3.31
2.60
2.43
Real estate - Immobiliengesellschaften
2.15
1.91
1.51
1.34
Office equipment, computers - Büroeinrichtung, Computer
1.31
1.27
1.20
0.95
Tyres and rubber - Gummi und Reifen
0.89
0.77
Non-ferrous metals - Nichteisenmetalle
0.71
Petrol - Treibstoff
0.67
0.65
0.39
0.35
0.33
Photography and optics - Photo und Optik
0.30
Package and container industry - Verpackungsindustrie
0.26
Leisure - Freizeit
0.12
OTHER NET ASSETS
TOTAL NET ASSETS
95.21
4.79
100.00
38
Quantity Anzahl
Shares Aktien
Market
Value USD
Marktwert
USD
Quantity Anzahl
55,661
6,136
4,565
11,944
4,791
25,988
8,872
81,156
41,965
69,630
60,488
9,424
15,066
3,897
30,792
14,889
12,157
151
14,209
19,759
853
40,800
28,865
11,436
22,196
29,790
1,928
18,335
6,804
34,932
19,351
64,573
149,136
14,440
21,647
10,406
31,376
26,388
3,200
1,966
65,531
84,787
9,704
31,639
6,703
Australia - Australien
14,869
6,782
20,398
30,368
50,729
57,430
7,366
69,308
5,606
468
71,476
4,689
24,678
5,796
38,913
4,818
1
8,727
104,814
5,203
50,060
19,265
35,504
5,720
14,088
21,966
2,042
15,534
21,793
1,857
23,405
20,604
10,173
44,524
13,910
23,682
3,710
20,019
17,072
2,041
28,675
106,886
22,573
241,331
15,756
8,700
34,779
6,483
26,822
% of Net
Assets
- % des
Fondsvermögens
A.b.c. Learning Centres Ltd
Adelaide Brighton Ltd
Agl Energy
Alumina Limited
Amcor Ltd
Amp Ltd
Ansell Ltd
Anz Banking Group
Apn News & Media Ltd
Aristocrat Leisure Limited
Asciano Group /stapled
Asx Limited
Australand Property Group
Awb Ltd -bAxa Asia Pacific Holdings Ltd
Bank Of Queensland Ltd
Bbi Eps Limited/pref.
Bendigo And Adelaide Bank Ltd
Bhp Billiton Ltd
Billabong International Ltd
Bluescope Steel Ltd
Boral Ltd
Brambles Ltd
Caltex Australia Ltd
Challenger Fin.services Group
Coca-cola Amatil Ltd
Cochlear Limited
Computershare Limited Cpu
Consolidated Media Holding Ltd
Corporate Express Australia
Crown Ltd
Csl Ltd
Csr Ltd
Cwthbk Of Australia *opr*
Downer Edi Ltd
Elders
Energy Resources Australia -aEnvestra Ltd
Fairfax Media Ltd
Flight Centre Limited
Fortescue Metals Group Ltd
Foster S Group Ltd
Goodman Fielder Ltd
Goodman Group
Gunns Ltd
Gwa International Ltd
Harvey Norman Holdings Ltd
Iluka Resources Ltd
Incitec Pivot Ltd
24.34
9,313
16,693
245,993
49,027
245,247
330,334
64,983
1,491,290
10,188
2,168
104,358
145,610
11,539
6,519
150,018
50,708
0.00
72,370
3,488,777
55,081
129,397
103,503
253,079
61,109
42,505
190,102
120,265
152,938
57,101
6,700
185,005
608,197
16,872
2,032,692
100,503
5,014
82,511
10,155
25,829
26,919
96,888
523,336
33,256
141,580
16,749
21,183
131,933
22,763
66,965
0.01
0.02
0.25
0.05
0.25
0.34
0.07
1.51
0.01
0.00
0.11
0.15
0.01
0.01
0.15
0.05
0.00
0.07
3.54
0.06
0.13
0.10
0.26
0.06
0.04
0.19
0.12
0.16
0.06
0.01
0.19
0.62
0.02
2.06
0.10
0.01
0.08
0.01
0.03
0.03
0.10
0.53
0.03
0.14
0.02
0.02
0.13
0.02
0.07
Market
Value USD
Marktwert
USD
% of Net
Assets
- % des
Fondsvermögens
Insurance Australia Group Ltd
Ioof Holdings Ltd
Leighton Hld Ltd
Lend Lease Corp.
Lion Nathan Ltd
Macquarie Airports
Macquarie Group Ltd
Macquarie Infrast.grp/stap.sec
Metcash Ltd /deferred Delivery
Mirvac Group
National Australia Bank Ltd
New Hope Corp Ltd
Newcrest Mining
Nufarm Limited
Onesteel Ltd
Orica Limited
Origin Energy Ltd *opa*
Oz Minerals Ltd
Paladin Energy Ltd
Paperlinx Ltd
Perpetual Ltd
Qantas Airways Ltd
Qbe Insurance Group
Rio Tinto Limited
Santos Ltd *opr*
Sigma Pharmaceuticals Ltd
Sims Metal Management Ltd
Sp Ausnet Stapled Sec
Spotless Group Ltd
Suncorp Metway Ltd
Tabcorp Holdings Ltd
Tatts Group Ltd
Telstra Corporation Ltd
Ten Network Holdings Ltd
Toll Holdings Ltd
Tower Australia Group Ltd
Transurban Group
Wesfarmers Ltd
Wesfarmers/partially Protected
West Australian Newspapers Hld
Westfield Group
Westpac Banking Corp *opr*
Woodside Petroleum Ltd
Woolworths
Worleyparsons Ltd
185,614
27,553
145,665
111,692
48,395
65,112
460,142
105,604
166,597
103,198
1,641,431
47,805
423,990
39,021
82,309
308,674
175,030
152
56,408
11,766
29,454
102,942
612,681
597,663
297,636
27,989
38,831
14,315
15,066
273,655
121,719
144,694
430,227
18,472
162,897
25,980
113,488
616,674
74,952
13,095
803,579
1,963,476
446,278
816,424
175,687
0.19
0.03
0.15
0.11
0.05
0.07
0.47
0.11
0.17
0.10
1.67
0.05
0.43
0.04
0.08
0.31
0.18
0.00
0.06
0.01
0.03
0.10
0.62
0.61
0.30
0.03
0.04
0.01
0.01
0.28
0.12
0.15
0.44
0.02
0.17
0.03
0.11
0.63
0.08
0.01
0.82
1.99
0.45
0.83
0.18
Bermuda Islands - Bermudas
33,000
14,000
18,000
32,000
26,000
55,200
140,000
16,000
C C Land Holdings Limited
Cafe De Coral Holdings Ltd
Cheung Kong Infrastructure Hld
China Foods Ltd
Chinese Estates Holdings Ltd
Citic Resources Hld Ltd
Cnpc (hong Kong) Ltd
Cosco Pacific Ltd
2.37
17,841
30,673
64,334
22,172
43,947
14,316
110,913
22,957
0.02
0.03
0.07
0.02
0.04
0.01
0.11
0.02
39
Quantity Anzahl
40,800
24,000
46,000
323,320
11,000
3,000
52,000
18,000
35,000
92,000
12,000
58,000
15,000
80,000
20,000
41,000
79,800
24,000
8,000
22,000
26,000
177,500
74,000
20,000
44,000
10,000
40,000
39,500
23,000
7,400
67,000
19,000
35,000
45,000
52,000
87,000
68,000
32,000
20,500
18,000
32,000
30,000
41,000
41,000
20,500
32,000
10,800
35,000
1,000
35,600
25,000
434,000
35,000
42,900
54,500
20,800
Esprit Holdings Ltd
First Pacific Co Ltd
Giordano Intl Ltd
Gome Electrical Appliance Hold
Great Eagle Holdings Ltd
Guoco Group Ltd
Hongkong Land Hlds Ltd
Hopson Development Hldgs Ltd
Huaba0 Intl
Hutchison Harbor Ring
Jardine Matheson Hldgs
Johnson Electric Holdings Ltd
Kerry Properties Ltd
Li & Fung Ltd
Mongolia Energy Corp.
Nine Dragons Paper Hldgs Ltd
Noble Group Ltd
Nws Holdinds Ltd
Orient Overseas (international)
People S Food Holdings
Shangri-la Asia Ltd
Shenzhen Intl Hlds Ltd
Sinofert Holdings Ltd
Texwinca Holdings Ltd
Tpv Technology Ltd
Yue Yuen Ind Hld Ltd
Market
Value USD
Marktwert
USD
% of Net
Assets
- % des
Fondsvermögens
274,274
16,072
11,455
86,356
27,166
31,741
226,200
31,308
37,528
6,766
364,800
24,397
80,224
322,573
7,097
52,796
138,812
46,451
40,876
11,871
48,979
11,909
32,846
15,793
27,251
27,741
0.28
0.02
0.01
0.09
0.03
0.03
0.23
0.03
0.04
0.01
0.37
0.03
0.08
0.33
0.01
0.05
0.14
0.05
0.04
0.01
0.05
0.01
0.03
0.02
0.03
0.03
Hong Kong (state securities under Honk Kong)
1.77
Agile Property Holdings Ltd
Alibaba.com
Anta Sports Products Ltd
Asm Pacific Technology Ltd
Belle International Holdi Ltd
Ch Hs Transmiss Eq Gr Co Ltd
China Huiyuan Jui.grp Ltd
China Mengniu Dairy Co Ltd
China Resources Land
Country Garden Holdings
Foxconn International Hldg Ltd
Global Bio-chem Technology
Greentown China Holdings Ltd
Hengan Intl Grp
Hidili Industry Int Dvlpt Ltd
Hopewell Highway Infrastr.
Hutchi Tele Hk
Hutchison Telecomm.internat.
Kingboard Chemicals Holdings
Kwg Property Holding Ltd
Lee And Man Paper
Li Ning Company Ltd
Lifestyle Intl Holdings Ltd
New World China Land Ltd
Parkson Retail Group Ltd
Semiconduc.manufact.intl Corp
Shimao Property Hld Ltd
Shui On Land Ltd
Soho China Ltd
Tencent Holdings
0.05
0.09
0.03
0.05
0.07
0.04
0.02
0.12
0.12
0.03
0.04
0.01
0.03
0.11
0.03
0.02
0.01
0.01
0.08
0.02
0.02
0.11
0.00
0.02
0.04
0.02
0.06
0.02
0.03
0.34
47,070
91,740
28,519
52,467
68,814
38,980
22,354
115,197
113,927
31,432
44,660
8,093
28,567
108,810
29,935
18,425
6,877
8,464
77,898
20,686
19,035
107,707
1,515
16,858
37,031
20,440
59,340
24,632
29,183
336,281
Quantity Anzahl
24,000 Tingyi Hld Corp.(cayman Isl.)
138,000 Want Want China Holdings Ltd
Market
Value USD
Marktwert
USD
% of Net
Assets
- % des
Fondsvermögens
49,547
81,195
0.05
0.08
China - China
88,000
108,000
32,400
12,000
12,000
1,668,000
203,000
50,000
2,100
34,900
16,600
56,000
264,000
113,000
50,000
124,000
1,974,000
68,000
48,000
44,900
218,000
97,000
6,300
30,000
37,000
34,000
40,000
490,000
57,000
115,000
99,000
97,650
34,000
54,000
54,000
470,000
34,997
16,320
14,100
100,000
14,450
4,000
68,000
7,700
10,900
11,500
17,200
44,000
25,600
4,000
16,000
38,000
82,000
1,213,439
Air China Ltd -hAluminium Corp of China Ltd -hAngang Steel Company Ltd -hAnhui Conch Cement Co Ltd -hAnhui Expressway Co Ltd H
Bank Of China Ltd-h
Bank Of Communications Co -hBeijing Cap.intl Airport H
Bengang Steel Plates Co Ltd B
Boe Technology Group Co Ltd B
Byd Company Limited -hChina Bluechemical Ltd -hChina Citic Bk -hChina Coal Energy Co Ltd -hChina Communicat.services -hChina Communications Constr -hChina Construction Bank -hChina Cosco Holdings -hChina Eastern Airlines H
China Intl Marine B
China Life Insurance Co Ltd -hChina Merchants Bank /-hChina Merchants Prop.dev.co B
China Molybdenum Co Ltd -hChina National Material Co -hChina Natl Blding Material -hChina Oilfield Services -hChina Petroleum&chem Corp H
China Railway Constr Corp -hChina Railway Group Ltd-hChina Shenhua Energy Co -hChina Shipping Container Lines -hChina Shipping Development -hChina South Locomotive -hChina Southern Airlines H
China Telecom Corp Ltd -hChina Vanke Co Ltd B
Chong Qing Changan Aut. -bCsg Holding Co / B
Datang Int.power Generation-hDazhong Transportation Grp B
Dongfang Electric Corp.ltd-hDongfeng Motor -hDouble Coin Holdings Ltd B
Erdos Cashmere /-bGreat Wall Motor Co Ltd -hGuangdong Electric Power B
Guangshen Railway Co Ltd H
Guangzhou R&f Prop.-h- /new
Guangzhou Shipyard Intl H
Harbin Power Equipment Co H
Huadian Power Intl Corp -hHuaneng Power Intl H
Ind & Com Boc -h-
10.18
50,755
117,891
60,869
79,972
7,091
878,099
247,261
31,096
1,076
8,016
136,759
30,348
174,065
147,844
27,354
134,237
1,576,613
81,422
16,412
46,000
949,331
216,273
14,038
24,038
31,652
80,019
37,315
416,648
75,753
98,823
432,396
35,531
42,992
31,424
17,071
221,956
43,982
9,581
12,244
52,128
9,913
20,180
72,298
3,588
7,728
10,357
8,700
17,770
44,989
7,391
15,112
12,258
54,277
914,362
0.05
0.12
0.06
0.08
0.01
0.89
0.25
0.03
0.00
0.01
0.14
0.03
0.18
0.15
0.03
0.14
1.60
0.08
0.02
0.05
0.97
0.22
0.01
0.02
0.03
0.08
0.04
0.42
0.08
0.10
0.44
0.04
0.04
0.03
0.02
0.23
0.05
0.01
0.01
0.05
0.01
0.02
0.07
0.00
0.01
0.01
0.01
0.02
0.05
0.01
0.02
0.01
0.06
0.93
40
Quantity Anzahl
9,700
38,000
37,000
7,800
1,560
6,000
54,000
75,000
618,000
88,000
57,000
17,500
2,700
88,000
9,100
16,000
5,300
37,830
22,000
72,000
16,000
53,000
9,000
8,000
4,800
3,600
18,500
5,600
52,000
13,500
54,000
25,100
110,000
9,464
Inner Mong.yitai Coal Co B
Jiangsu Expressway Co H
Jiangxi Copper Co Ltd H
Jinqiao Export B
Jinzhou Port Co Ltd
Lianhua Supermarket Hlgs -hMaanshan Iron & Steel Co H
Metallurgical Corp Of China-hPetrochina Co Ltd /-hPicc Property & Casualty -hPing An Insur.(grp)co -hShandong Chenming Paper -bShanghai Chlor-alkali Chem. B
Shanghai Electric Group Co -hShanghai Haixin B
Shanghai Lujiazui Fin. B
Shanghai Outer Gaoqiao Free B
Shanghai Zhenhua Port Mach. B
Shenzhen Expressway H
Sinopec Shanghai Petrochem.-hSinopharm Group Co -hSinotrans Ltd -hTravelsky Technology Ltd -hTsingtao Brewery Co Ltd H
Weichai Power Co Ltd /-hWeifu High Technology -bWeiqiao Textile Company -hYantai Changyu Pioneer Wine-bYanzhou Coal Mining Co H
Zhaojin Mining Ind.-hZhejiang Expressway Co Ltd H
Zhejiang Southeast El.pow. B
Zijin Mining Group -hZte Corp H
Market
Value USD
Marktwert
USD
% of Net
Assets
- % des
Fondsvermögens
53,796
31,184
82,782
6,380
633
13,362
32,608
50,902
698,522
60,520
452,311
12,351
1,048
42,466
3,048
28,080
4,351
29,697
10,787
30,007
40,546
12,514
6,898
30,244
25,300
2,699
11,458
35,897
75,012
22,993
47,310
13,052
108,010
49,944
0.06
0.03
0.08
0.01
0.00
0.01
0.03
0.05
0.71
0.06
0.46
0.01
0.00
0.04
0.00
0.03
0.00
0.03
0.01
0.03
0.04
0.01
0.01
0.03
0.03
0.00
0.01
0.04
0.08
0.02
0.05
0.01
0.11
0.05
Great Britain - Großbritannien
20,700 Astro All Asia Networks Plc
6,400 Tanjong Plc
0.05
20,933
27,738
Hong Kong - Hongkong
10,500
53,660
128,500
37,000
63,804
51,000
56,000
22,000
21,000
10,000
185,000
119,440
2,000
88,000
32,448
5,000
9,000
53,500
Beijing Enterprises Hld Ltd
Bk Of East Asia Ltd
Boc Hong Kong Holdings Ltd
Cathay Pacific Airways
Chaoda Modern Agricult.hold
Cheung Kong Holdings Hkd0.5
China Agri Industries Holdings
China Everbright Ltd
China Insurance International
China Merchants Holdings
China Mobile Ltd
China Overseas Land+investment
China Resources Enterprise Ltd
China Travel Intl Investm.h.k.
China Unico.(hk)
Chong Hing Bank Ltd
Citic Pacific Ltd
Clp Holdings Ltd
Quantity Anzahl
0.02
0.03
10.39
55,615
193,863
281,864
58,435
38,528
647,190
52,314
50,017
56,224
33,160
1,804,600
258,292
5,819
17,372
45,970
9,651
23,632
363,100
0.06
0.20
0.29
0.06
0.04
0.66
0.05
0.05
0.06
0.03
1.83
0.26
0.01
0.02
0.05
0.01
0.02
0.37
551,000
3,600
228,000
7,140
60,000
44,000
86,000
166,000
31,200
27,000
61,000
22,300
31,495
66,129
1,200
83,000
23,000
25,000
100,500
20,000
14,000
18,000
246,000
27,500
20,000
63,000
236,000
14,000
42,000
46,000
70,000
89,000
57,061
18,000
62,500
4,000
40,875
22,000
6,000
Cnooc Ltd
Dah Sing Financial Hlds Ltd
Denway Motors Ltd
Foshan Electrical And Lighting
Fosun International Ltd
Galaxy Entertainment Group
Guangdong Investment Ltd
Guangzhou Investment Co Ltd
H.k.exchanges And Clearing Ltd
Hang Lung Group Ltd
Hang Lung Properties Ltd
Hang Seng Bank Ltd
Henderson Land Dev.
Hongkong & China Gas
Hongkong Aircraft Eng.
Hongkong Electric Holdings Ltd
Hongkong+shangh.hotels
Hopewell Holdings Ltd
Hutchison Whamp/hk0.25
Hysan Development Co
Industr.and Comm.bk Of China
Kowloon Development Co Ltd
Lenovo Group Ltd
Mass Transit Railway Corp
Melco Intl Dvpt Ltd
New World Development Co. Ltd
Pccw Ltd
Shanghai Industrial Holdings
Shenzhen Investment Ltd
Shun Tak Holdings Ltd
Sino Land Co Ltd
Sino-ocean Land Holdings Ltd
Sun Hung Kai Properties Ltd
Swire Pacific Ltd A
Techtronic Industries Co Ltd
Television Broadcasts Ltd
Wharf Hld .the
Wheelock & Co
Wing Hang Bank
480
2,639
302
252
984
1,806
2,940
138
38,865
3,076
4,035
1,328
23,719
571
2,165
281
2,619
Aban Offshore.
Adani Enterprises Ltd/demat.
Aditya Birla Nuvo Ltd/demater.
Axis Bank Ltd/demat.
Bajaj Holdings And Invest Ltd
Bank Of India/dematerialised.
Bharat Forge Ltd /demat.
Bharat Heavy El./dematerial.
Bharti Airtel Ltd/demat
Cipla Ltd /demat
Crompton Greaves Ltd/demat.
Divi S Laboratories Ltd
Essar Oil Ltd- Dematerialised.
Financial Techno.india /demat
Godrej Industries Ltd/demater
Grasim Indust./dematerialised
Great Eastern Shipping/demater
Market
Value USD
Marktwert
USD
% of Net
Assets
- % des
Fondsvermögens
740,810
20,717
101,494
4,754
41,883
19,416
42,389
27,202
565,611
135,171
224,710
321,400
207,252
167,067
14,338
455,150
29,795
78,546
725,527
50,063
31,684
18,348
109,507
95,449
12,800
135,589
61,511
63,134
16,258
34,900
125,365
80,615
840,800
211,582
51,854
17,238
217,028
72,101
59,031
0.75
0.02
0.10
0.01
0.04
0.02
0.04
0.03
0.57
0.14
0.23
0.33
0.21
0.17
0.01
0.46
0.03
0.08
0.74
0.05
0.03
0.02
0.11
0.10
0.01
0.14
0.06
0.06
0.02
0.04
0.13
0.08
0.85
0.22
0.05
0.02
0.22
0.07
0.06
India - Indien
1.87
16,032
36,818
6,028
5,202
10,550
15,706
17,054
6,734
341,004
18,040
26,518
15,753
79,020
16,538
8,932
16,331
15,105
0.01
0.04
0.01
0.01
0.01
0.01
0.02
0.01
0.35
0.02
0.03
0.01
0.08
0.02
0.01
0.02
0.01
41
Quantity Anzahl
5,727
4,707
827
664
1,316
194
513
4,279
2,557
55,563
2,994
1,036
1,330
8,006
1,213
3,651
5,538
1,647
1,255
3,229
854
282
293
3,248
2,796
3,087
770
358
14,907
5,354
1,215
404
267
6,228
28,500
1,789
9,102
2,241
Hindalco Industries / Demat
Hindustan Petr./dematerialised
Hindustan Unilever Ltd
Hindustan Zinc/dematerialised
Housing Development And Infra
Housing Devt /dematerialised
Icici Bk Ltd /dematerialised
Idbi Bank Ltd
Indian Oil Corp/dematerialised
Itc Ltd /demat
Jaiprakash Association Ltd
Jsw Steel Ltd / Demat
Lanco Infratech Ltd
Larsen & Toubro Ltd / Demat.
Lupin Limited /dematar.
Mahanagar Teleph./dematerial.
Mangalore Ref And Petrol Demat
Mundra Port & Special Eco Zone
Natl Aluminium Co Ltd/demater.
Neyveli Lignite Corp Ltd/demat
Ntpc Ltd / Dematerialised
Oil&natural Gas/dematerialised
Oracle Fin.services Soft.ltd
Piramal Healthcare Ltd
Power Finance Corporation Ltd
Punj Lloyd Ltd
Reliance Communications/demat
Reliance Indus./dematerialised
Reliance Natur.resources/demat
Sesa Goa Ltd /dematerialised
Siemens Ltd /dematerialised
St.bk Of India/dematerialised
Sterlite Industries Ltd /demat
Suzlon Energy Ltd
Tambang Batubara /s.-bTata Chemicals Ltd/ds
Tata Steel Ltd /dematerial.
Unitech Ltd /demat.
Market
Value USD
Marktwert
USD
% of Net
Assets
- % des
Fondsvermögens
15,486
39,638
4,550
11,499
8,884
11,339
9,756
11,427
36,459
271,320
14,899
18,074
13,319
283,363
28,847
7,000
10,594
17,940
9,152
9,036
3,825
6,925
11,300
26,092
13,416
17,309
4,991
16,515
27,502
29,807
14,184
18,580
4,342
11,953
41,664
10,546
97,159
5,043
0.01
0.04
0.00
0.01
0.01
0.01
0.01
0.01
0.04
0.27
0.01
0.02
0.01
0.29
0.03
0.01
0.01
0.02
0.01
0.01
0.00
0.01
0.01
0.03
0.01
0.02
0.01
0.02
0.03
0.03
0.01
0.02
0.00
0.01
0.04
0.01
0.10
0.01
Indonesia - Indonesien
119,000
176,000
28,166
555,000
240,500
12,500
89,000
336,500
127,500
248,000
18,500
34,500
118,000
56,842
62,500
56,000
48,000
295,500
Aneka Tambang Tbk Persero
Bank Rakyat Indonesia
Bk Danamon Indonesia Tbk -aBumi Resources
Perusahaan Gas Nega -bPt Astra Agro Lestari Tbk
Pt Astra International Tbk
Pt Bank Central Asia Tbk
Pt Bank Mandiri Persero Tbk
Pt Bank Pan Indonesia Tbk
Pt Gudang Garam Tbk/demat
Pt Indocement Tunggal /demat.
Pt Indofood Sukses
Pt Indosat Tbk
Pt Intl Nickel Ind Tbk
Pt Semen Gresik(persero)tbk
Pt Unilever Indonesia Tbk
Telkom Indonesia /s-b-
Quantity Anzahl
106,074
Malaysia - Malaysia
36,300
58,800
179,925
34,071
3,800
104,700
8,200
8,600
62,300
76,000
77,900
14,800
37,240
134,450
14,200
13,300
155,317
43,000
38,100
15,100
9,400
15,700
53,100
15,700
105,800
2,740
13,400
31,500
131,500
32,100
28,700
22,600
22,440
53,620
Alliance Financial Gr.berhad
Ammb Hlds Bhd
Axiata Group Bhd
Berjaya Sports Toto Bhd
British American Tobacco
CIMB Group Holdings Bhd
Digi.com Bhd
Eon Capital Bhd
Gamuda Bhd
Genting Berhad
Genting Malaysia Bhd
Hong Leong Bank Bhd
Ijm Corporation Bhd
Ioi Corporation Bhd
Kuala Lumpur Kepong Bhd
Lafarge Malayan Cement
Malayan Banking Berhad
Misc Bhd/for.reg.
Mmc Corporation Bhd
Parkson Holdings Bhd
Petronas Dagangan Bhd
Petronas Gas Bhd
Plus Expressways Bhd
Ppb Group Bhd
Public Bank /for.reg
Public Bk Berhad /local
Rhb Capital Bhd
S P Setia
Sime Darby Bhd
Telekom Malaysia Bhd
Tenaga Nasional
Umw Holdings
Ytl Corp Berhad
Ytl Power Intl Bhd
26,640
72,374
161,158
43,610
48,354
335,790
50,750
13,393
57,062
150,639
61,672
28,095
48,420
202,005
56,620
24,094
298,428
110,575
27,301
22,294
23,357
44,138
51,090
69,858
312,417
8,075
19,630
36,679
322,956
28,474
67,915
41,073
46,358
33,619
115,596 Golden Agri-resources Ltd
35,292
Auckland Intl Airport Ltd
Contact Energy Ltd
Fisher&paykel Healthc.corp.
Fletcher Building
Sky City Entertainment Group
Sky Network Televisio.ltd*opa*
Telecom Corp.of New Zealand
The Warehouse Group Ltd
Vector Ltd
0.04
0.09
0.34
45,842
16,231
16,787
71,645
43,422
20,655
94,464
14,747
12,810
Papa New Guinea - Papua-Neu Guinea
20,131 Oil Search Ltd.
0.00
0.09
85,879
New Zealand - Neuseeland
34,162
3,906
7,094
11,893
18,519
6,040
49,224
4,867
9,395
0.03
0.07
0.16
0.04
0.05
0.34
0.05
0.01
0.06
0.15
0.06
0.03
0.05
0.21
0.06
0.03
0.30
0.11
0.03
0.02
0.02
0.05
0.05
0.07
0.32
0.01
0.02
0.04
0.33
0.03
0.07
0.04
0.05
0.03
0.04
12,385 James Hardie Ind Nv/ Cufs
0.11
0.00
0.00
Mauritius - Mauritius
0.03
0.14
0.02
0.19
0.09
0.03
0.31
0.16
0.06
0.02
0.03
0.04
0.04
0.03
0.03
0.04
0.05
0.27
% of Net
Assets
- % des
Fondsvermögens
2.99
Malta - Malta
214,242 Bgp Holdings
1.69
30,228
136,858
14,455
185,574
91,013
27,281
307,738
161,358
62,130
22,113
28,579
37,916
37,009
32,119
26,892
36,578
53,250
265,014
65,583 United Tractors
Market
Value USD
Marktwert
USD
0.05
0.02
0.02
0.07
0.04
0.02
0.10
0.01
0.01
0.12
114,549
0.12
42
Quantity Anzahl
Market
Value USD
Marktwert
USD
Philippines - Philippinen
4,428
113,600
28,800
40,920
1,030
12,900
13,800
16,900
1,000
5,750
116,810
Ayala Corp
Ayala Land Inc.
Banco De Oro Unibank Inc
Bk Of The Philippines Islands
Global Telecom Inc
Jollibee Foods Corp.
Manila Electric
Metropolitan Bank & Trust
Phil.long Dist.tel.
Sm Investments Corporations
Sm Prime Holdings Inc
Allgreen Properties Ltd
Capitaland Ltd
Chart Semic Manuf
City Developments Ltd
Comfortdelgro Corporation Ltd
Cosco Corporation Singapore
Dbs Group Holdings Ltd
Fraser And Neave Ltd
Guocoland Ltd
Haw Par Corporation Ltd
Hotel Properties
Jardine Cycle & Carriage Ltd
Keppel Corp Ltd
Keppel Land Ltd
Mobileone Ltd
Neptune Orient Lines
Olam International Ltd
Oversea-chinese Bk Corp
Parkway Holdings Ltd
Sembcorp Industries Ltd
Sembcorp Marine Ltd
Sia Engineering Co Ltd
Singapore Airlines Ltd
Singapore Exchange Ltd
Singapore Land Ltd
Singapore Post Ltd
Singapore Press Holdings Ltd
Singapore Technologies Eng
Singapore Telec/board Lot 1000
Smrt Corporation Ltd Smrt
Starhub Ltd
Uol Group Ltd
Utd Overseas Bk /local
Venture Corporation Ltd
Wheelock Propert(singapore)ltd
Wilmar International Ltd
Wing Tai Hlds
Yangzijiang Shipbuilding Ltd
Yanlord Land Group Ltd
28,274
27,575
20,973
38,868
21,306
13,479
49,519
13,734
50,870
39,446
25,889
149
95
432
3,530
913
750
1,484
3,750
2,289
1,590
1,890
780
1,073
3,170
235
457
1,440
1,340
1,870
4,375
1,112
510
1,306
2,203
119
330
6,900
907
1,040
2,711
2,830
1,956
1,030
2,190
589
2,393
2,521
4,476
20
3,250
9,820
11,697
59
5,570
2,060
7,650
116
1,402
366
3,501
3,590
1,130
2,499
3,905
1,180
15,040
4,025
0.03
0.03
0.02
0.04
0.02
0.01
0.05
0.02
0.05
0.04
0.03
4.70
19,255
249,593
39,634
139,217
135,146
17,892
476,154
39,462
7,739
16,387
14,889
69,012
310,554
43,771
12,567
39,810
17,750
382,342
5,291
113,124
110,181
5,474
216,555
185,324
15,393
29,554
117,846
70,290
537,463
38,170
38,517
39,078
416,983
82,978
13,746
484,617
21,470
28,091
27,520
South Korea - Südkorea
86 Amore Pacific Corp (new)
4,750 Busan Bank
1,800 Cheil Industrial Inc
Quantity Anzahl
0.34
Singapore - Singapur
24,000
94,500
21,470
19,000
118,228
21,000
50,500
14,000
5,000
4,000
9,000
4,000
54,000
22,500
10,000
31,500
10,000
68,600
3,600
47,000
48,800
3,000
22,134
31,000
4,000
45,000
43,000
36,000
232,920
32,000
25,000
16,000
35,000
13,000
11,000
108,000
18,000
41,000
17,000
% of Net
Assets
- % des
Fondsvermögens
0.02
0.25
0.04
0.14
0.14
0.02
0.48
0.04
0.01
0.02
0.01
0.07
0.32
0.04
0.01
0.04
0.02
0.39
0.01
0.11
0.11
0.01
0.22
0.19
0.02
0.03
0.12
0.07
0.55
0.04
0.04
0.04
0.42
0.08
0.01
0.49
0.02
0.03
0.03
13.65
61,624
52,829
78,091
0.06
0.05
0.08
Cheil Worldwide Inc
Cj Cheiljedang Corp
Cj Corporation
Daegu Bank
Daelim Industrial Co Ltd
Daewoo Engineering &constr.
Daewoo International Corp
Daewoo Securities Co Ltd
Daewoo Shipbldg+marine Engin.
Daishin Securities Co Ltd
Dongbu Insurance Co Ltd
Dongkuk Steel Mill Co Ltd
Doosan Corporation
Doosan Infracore Co Ltd
Glovis Co Ltd
Gs Engineering&construct. Corp
Gs Holdings Corp
Halla Climate Control Corp
Han Kook Tire Manufacturing Co
Hana Financial Group Inc
Hanjin Heavy Industr
Hanjin Shipping Co Ltd
Hanwha Chemical Corp
Hanwha Corporation
Hite Brewery Co Ltd
Honam Petrochemical Co Ltd
Hynix Semiconductor Inc
Hyosung Corporation
Hyundai Department Store Co
Hyundai Developm.co-eng.&cons.
Hyundai Engineering+constr.co
Hyundai Heavy Industries
Hyundai Hysco
Hyundai Merchant Marine Co
Hyundai Mipo Dockyard Co Ltd
Hyundai Mobis
Hyundai Motor Co Ltd
Hyundai Securities Co Ltd
Hyundai Steel Co
Industrial Bank Of Korea
Kangwon Land Inc
Kb Financial Group Inc
Kcc Corp
Kia Motors Corp.
Korea Electric Power Corp.
Korea Exchange Bank
Korea Gas Corp
Korea Investment Holdings Co
Korean Air
Kt Corporation
Kt&g Corporation
Kumho Industrial Co Ltd
Lg Chemical Ltd
Lg Corp
Lg Dacom Corp
Lg Display Co Ltd
Lg Electronics Inc
Market
Value USD
Marktwert
USD
% of Net
Assets
- % des
Fondsvermögens
36,749
16,736
20,392
50,649
56,042
8,914
44,349
68,610
33,426
21,869
58,007
18,079
81,077
45,887
22,246
35,773
39,917
13,481
37,230
150,804
22,375
8,898
14,193
80,518
16,973
24,851
115,990
52,132
97,126
98,510
153,771
298,916
13,992
51,782
62,258
336,239
238,647
62,322
1,294
39,871
145,067
600,811
17,732
87,958
62,612
89,954
5,249
41,660
14,915
120,231
217,621
11,944
464,642
261,912
20,036
432,868
428,862
0.04
0.02
0.02
0.05
0.06
0.01
0.05
0.07
0.03
0.02
0.06
0.02
0.08
0.05
0.02
0.04
0.04
0.01
0.04
0.15
0.02
0.01
0.01
0.08
0.02
0.03
0.12
0.05
0.10
0.10
0.16
0.30
0.01
0.05
0.06
0.34
0.24
0.06
0.00
0.04
0.15
0.61
0.02
0.09
0.06
0.09
0.01
0.04
0.02
0.12
0.22
0.01
0.47
0.27
0.02
0.44
0.44
43
Quantity Anzahl
180
367
4,250
29
50
340
148
369
357
415
1,680
186
136
1,919
1,756
1,313
5,740
737
740
4,280
1,856
396
1,383
8,875
1,090
1,732
1,707
13,266
232
2,093
2,264
800
857
430
1,284
2,900
2,230
48
2,940
6,410
2,950
400
Market
Value USD
Marktwert
USD
% of Net
Assets
- % des
Fondsvermögens
Lg Haussys
Lg Household & Healthcare Ltd
Lg Telecom Ltd
Lotte Chilsung Beverage Co Ltd
Lotte Confectionery Co Ltd
Lotte Midopa Co Ltd
Lotte Shopping Ltd
Ls Corp
Miraeasset Securities Co Ltd
Ncsoft Corporation
Nhn Corporation
Nong Shim Co Ltd
Pacific Corp
Posco
S-oil Corp
S1 Corporation
Samsung C&t Corp
Samsung Card Co Ltd
Samsung Electro-mechanics Co
Samsung Electronics Co Ltd
Samsung Engineering Co Ltd
Samsung Fine Chemicals
Samsung Fire&marine Insur.
Samsung Heavy Industries
Samsung Sdi Co Ltd
Samsung Securities Co Ltd
Samsung Techwin Co Ltd
Shinhan Financial Group
Shinsegae Co Ltd
Sk Energy
Sk Holdings Co Ltd
Sk Networks Co Ltd
Sk Telecom Co Ltd
Skc
Stx Corporation Co Ltd
Stx Pan Ocean Co Ltd
Stx Offshore and Shipbuilding Co Ltd
The Korea Express Co Ltd
Woong Jin Coway Co Ltd
Woori Finance Holdings Co Ltd
Woori Investment&securit.co
Yuhan Corp
19,408
82,258
30,706
19,820
52,553
3,796
39,894
32,268
21,338
59,545
247,466
40,189
18,070
793,435
92,880
57,743
265,105
33,038
63,768
2,961,482
163,877
18,222
282,974
192,893
137,886
101,021
135,359
529,353
117,196
223,897
216,240
8,626
132,786
7,466
23,165
27,755
27,547
2,824
94,476
86,801
41,951
64,694
0.02
0.08
0.03
0.02
0.05
0.00
0.04
0.03
0.02
0.06
0.25
0.04
0.02
0.81
0.09
0.06
0.27
0.03
0.06
3.01
0.17
0.02
0.29
0.20
0.14
0.10
0.14
0.54
0.12
0.23
0.22
0.01
0.14
0.01
0.02
0.03
0.03
0.00
0.10
0.09
0.04
0.07
Taiwan - Taiwan
86,679
97,728
11,606
40,050
8,160
75,784
155,634
50,600
8,690
142,407
39,000
96,000
8,965
10,710
Acer Inc
Advanced Semiconduct.eng.inc
Advantech Co Ltd
Asia Cement Corp
Asia Optical Co Inc
Asustek Computer Inc
Au Optronics Corp
Capital Securities Corp
Catcher Technology Co Ltd
Cathay Financial Holding
Cathay Real Estate Developm.co
Chang Hwa Commercial Bank
Cheng Shin Rubber Industry Co
Cheng Uei Precision Industry
Quantity Anzahl
73,000
10,104
30,583
298,200
8,040
37,216
257,910
196,000
172,073
106,000
15,067
166,347
19,069
29,967
82,482
19,998
29,352
2,000
47,904
129,371
29,774
8,119
11,690
126,337
44,720
79,740
300,358
42,000
37,169
166,000
1,620
194,600
235,679
21,344
132,664
23,793
31,000
9,297
55,825
2,101
2,036
94,441
173,014
39,049
229,000
24,021
61,159
8,698
290,920
24,506
21,181
18,360
59,120
87,043
6,816
27,891
39,096
10.68
221,944
80,716
21,745
45,022
14,651
130,627
151,870
26,387
23,174
237,459
16,258
44,216
19,036
21,905
0.23
0.08
0.02
0.05
0.01
0.13
0.15
0.03
0.02
0.24
0.02
0.04
0.02
0.02
Chi Mei Optoelectronic Corp
Chicony Electronics Co Ltd
China Airlines
China Development Fin.hld Co
China Motor Co Ltd
China Steel
Chinatrust Financial Hldg Co
Chunghwa Picture Tubes Ltd
Chunghwa Telecom Co Ltd
Cmc Magnetics Corp.
Compal Communications Inc
Compal Electronics Inc
D-link Corporation
Delta Electronic Industrial
E Sun Financial Holding Ltd
Eternal Chemical Co Ltd
Eva Airways Corp.
Evergreen Marine Corp (taiwan)
Far Eastern Intl Bank
Far Eastern Textile Ltd
Far Eastone Telecom. Co Ltd
Faraday Technology Corp
Feng Hsin Iron & Steel Co Ltd
First Financial Holding Comp
Formosa Chemicals & Fiber Co
Formosa Petrochemical Corp
Formosa Plastics
Formosa Taffeta Co Ltd
Foxconn Technology Co Ltd
Fubon Financial Holding Co Ltd
Giant Manufacture Co Ltd
Hannstar Display Corp
Hon Hai Precision Ind.co Ltd
Htc Corp
Hua Nan Financial Holding Co
Innolux Display Corp
Inotera Memories Inc
Inventec Appliances Corp
Inventec Corporation
Largan Precision Co Ltd
Lite-on It Corp
Lite-on Technology Corpor.
Macronix International Co Ltd
Media Tek Incorporation
Mega Financial Holding Company
Micro-star Intl
Mitac International Corp.
Nan Ya Pcb
Nan Ya Plastics Corp
Nanya Technology Co Ltd
Novatek Microelectronics Corp
Oriental Union Chemical Corp.
Polaris Securities Co Ltd
Pou Chen Corp
President Chain Store Corp.
President Securities Corp
Qisda Corporation
Market
Value USD
Marktwert
USD
% of Net
Assets
- % des
Fondsvermögens
38,524
22,937
10,266
79,614
5,398
34,747
167,915
22,645
311,106
27,440
17,549
194,528
16,970
85,621
34,513
20,264
11,594
1,155
14,211
152,298
34,958
14,730
19,310
79,097
86,299
209,655
614,323
28,197
105,850
188,162
4,396
42,901
949,351
235,270
83,680
30,387
19,989
9,232
32,423
27,686
1,742
124,301
95,625
653,568
145,518
15,789
26,832
30,284
477,833
15,687
50,266
11,466
34,983
56,535
16,772
17,506
21,853
0.04
0.02
0.01
0.08
0.01
0.04
0.17
0.02
0.32
0.03
0.02
0.20
0.02
0.09
0.04
0.02
0.01
0.00
0.01
0.15
0.04
0.01
0.02
0.08
0.09
0.21
0.62
0.03
0.11
0.19
0.00
0.04
0.96
0.24
0.08
0.03
0.02
0.01
0.03
0.03
0.00
0.13
0.10
0.66
0.15
0.02
0.03
0.03
0.49
0.02
0.05
0.01
0.04
0.06
0.02
0.02
0.02
44
Quantity Anzahl
103,525
9,475
76,000
111,437
106,960
186,000
21,450
128,000
90,000
33,180
108,800
1,000
30,323
26,723
11,000
910,126
105,000
33,000
41,000
3,336
15,000
71,618
25,340
637,302
12,000
69,000
23,100
50,762
36,000
54,336
77,000
51,002
166,000
51,000
11,357
Market
Value USD
Marktwert
USD
% of Net
Assets
- % des
Fondsvermögens
Quanta Computer Inc.
Realtek Semiconductor Corp
Ritek Incorporation
Shin Kong Financial Hld Co Ltd
Siliconware Precision Industr
Sinopac Holdings
Synnex Technology Internatl
Taishin Financial Holdings Co
Taiwan Business Bank
Taiwan Cement Corp
Taiwan Cooperative Bank
Taiwan Fertilizer Co Ltd
Taiwan Glass Ind Corp
Taiwan Mobile Corp.
Taiwan Secom
Taiwan Semiconductor Manufact
Tatung Co Ltd
Teco Electric And Machinery Co
Ton Yi Industrial Corp
Transcend Information Inc
U-ming Marine Transport Corp
Uni-president Enterprises Corp
Unimicron Technology Corp
United Microelectronic Corp
Via Technologies Inc
Walsin Lihwa Corporation
Wan Hai Lines Ltd
Waterland Financial Holdings
Winbond Electronics Corp.
Wistron Corp
Yageo Corp
Yang Ming Marine Transport
Yuanta Financial Holding Co
Yuen Foong Yu Paper Manufactur
Yulon Motor Co Ltd
218,205
22,190
20,314
44,541
151,633
76,666
45,881
55,957
23,494
37,402
67,268
3,591
24,145
49,650
17,518
1,833,064
24,033
14,426
14,787
11,980
25,340
84,757
30,939
313,431
8,918
23,808
12,335
16,247
7,329
101,462
21,664
20,146
123,368
17,597
13,104
0.22
0.02
0.02
0.05
0.15
0.08
0.05
0.06
0.02
0.04
0.07
0.00
0.02
0.05
0.02
1.86
0.02
0.01
0.02
0.01
0.03
0.09
0.03
0.32
0.01
0.02
0.01
0.02
0.01
0.10
0.02
0.02
0.13
0.02
0.01
Thailand - Thailand
28,000
18,000
29,200
120,000
4,000
26,900
44,700
30,000
164,300
23,600
59,000
332,300
23,900
36,500
77,900
50,000
6,300
39,900
26,800
9,474
3,000
Adv.info Serv.pub./for.rg
Airports Of Thailand Pub./-fBangkok Bank Public /foreign
Bank Of Ayudhya Public /local
Banpu Public Co Ltd/for.reg.
Bec World Public Co /foreign
C.p.all -— Shs Foreign Regist
Central Pattana Public Co Ltd
Charoen Pokphand Foods/foreign
Delta Electronics Pub./for.rg
Hana Microelectronics/for.reg
Irpc /foreign Reg.
Italian-thai Dev.pub./for.reg.
Kasikornbank Pub.comp./for.reg.
Land And House Public/for.reg.
Ptt Aromatics&ref.publc Co Ltd
Ptt Chemical Public Co/foreign
Ptt Expl.prod.public /for.reg.
Ptt Plc Co Ltd /foreign Reg.
Siam Cement Public Co/foreign
Siam City Cement Pub./for.reg.
Quantity Anzahl
32,300
35,600
25,600
11,900
31,200
23,700
Options,
Warrants,
Siam Commerc.bk Publ./for.reg.
Thai Airways Intl/foreign Reg.
Thai Oil Public Co/for.reg.
Thai Union Frozen/foreign Reg.
Tpi Polene Public /for.reg.
True Corp. Public /foreign.
% of Net
Assets
- % des
Fondsvermögens
82,176
23,762
34,672
9,172
9,899
2,341
0.08
0.02
0.04
0.01
0.01
0.00
Malaysia - Malaysia
3,724 Right Ijm Corp 2009
2,660 Ijm Land Bhd 07-..wrt/ijm Land
269
799
0.00
0.00
0.00
Investment
funds Transferable securities admitted to an official stock exchange Anlagefonds Amtlich notierte Wertpapiere
48,343
50,569
152,778
314,242
126,558
64,392
Cfs Retail Property Trust
Commonwth.property Office Fd
Dexus Property Group
Gpt Group /stapled Security
Macquarie Office Trust
Stockland /units
0.71
85,296
42,381
113,890
189,899
33,495
231,771
France - Frankreich
781 Funglo.ind.eq.i./cap/dis(3dec)
0.08
0.02
0.11
0.07
0.05
0.02
0.03
0.02
0.04
0.01
0.04
0.04
0.00
0.10
0.02
0.04
0.01
0.18
0.21
0.07
0.02
Shares Aktien
17,054
0.02
0.04
39,874
0.04
402 Daum Communication Corp
0.02
18,498
Taiwan - Taiwan
22,440
68,000
178,000
22,000
21,105
0.13
0.02
54,000 Capitacommercial Trust /reit
0.09
0.13
128,772
22,300 Kiwi Income Property Trust
8.03
0.09
89,358
58,500 The Link Reit
0.09
0.04
0.12
0.19
0.03
0.24
8.03
7,904,162
68,400 Capitamall Trust /reit
1.34
78,988
22,763
107,500
68,961
51,242
18,196
26,892
20,922
39,095
12,503
33,729
43,166
2,647
96,138
16,205
36,516
13,812
172,569
210,163
63,235
21,101
Market
Value USD
Marktwert
USD
Coretronic Corp
Kgi Securities Co Ltd
Powerchip Semiconductor Corp
Promos Technolgies Inc
Vanguard Intl.semiconduct
0.02
0.09
27,959
36,734
16,452
1,079
9,226
0.03
0.04
0.01
0.00
0.01
45
Market
Value USD
Marktwert
USD
% of Net
Assets
- % des
Fondsvermögens
Quantity Anzahl
Shares Aktien
9,930 Sigma Pharmaceuticals Sipxx
510 Samsung Digital Imaging Co Ltd
Shares Aktien
9,330
0.01
0.01
21,411
0.02
0.02
9,930 Rts Sigma Pharmaceut N R
5,796 Rights Awb Non Ren
OTHER NET ASSETS
TOTAL NET ASSETS
0.00
394
1,406
0.00
0.00
94,604,223
96.11
3,831,452
3.89
98,435,675
100.00
46
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
Sector
Sektor
15.52
% of Net
Assets
- % des
Fondsvermögens
Aerospace technology - Flugzeug- und Raumfahrtindustrie
0.09
Investment funds - Investmentfonds
8.71
0.07
8.61
0.07
8.61
0.06
6.29
Environmental services & recycling - Umwelt und Recycling
0.04
5.21
0.04
5.06
0.03
Petrol - Treibstoff
4.25
Mortgage and funding institutions - Hypotheken- und
Finanzierungsanstalten
0.03
3.20
Chemicals - Chemie
2.82
2.66
2.25
States, provinces and municipalities - Staats- und Kommunalanleihen
2.06
1.86
1.58
1.53
1.52
1.38
1.32
1.11
1.10
1.08
1.04
1.04
0.97
Leisure - Freizeit
0.89
0.82
0.75
Biotechnology - Biotechnologie
0.62
Agriculture and fishing - Landwirtschaft und Fischerei
0.60
Precious metals - Edelmetalle und -steine
0.56
0.27
0.27
0.12
OTHER NET ASSETS
TOTAL NET ASSETS
96.11
3.89
100.00
47
Quantity Anzahl
Shares Aktien
% of Net
Assets
Market
- % des
Value USD
FondsMarktwert
USD vermögens
3,623
23,920
13,974
6,436
394,410
54,835
2,299
17,143
31,073
10,964
9,636
10,137
14,454
6,450
13,067
13,318
2,054
18,624
6,739
27,118
6,312
53,727
114,527
21,087
5,064
11,936
6,151
4,886
12,939
10,826
20,740
17,941
2,616
17,100
8,738
2,105
15,217
22,945
1,693
2,645
34,741
33,817
98,945
19,161
1,970
20,327
8,133
5,990
252,127
594,549
6,741
6,352
3,035
14,434
14,885
18,292
100,400
10,755
22,622
158,583
6,515
18,149
10,317
10,958
31,706
58,966
8,238
5,443
4,422
18,756 Invesco Ltd
19,506 Nabors Industries Ltd
0.19
414,508
403,189
Cayman Islands - Cayman Inseln
18,788 Xl Capital Ltd -a-
50,510 Schlumberger Ltd
3,051,814
0.70
0.11
470,775
3m Co
Abbott Laboratories Inc
Abercrombie & Fitch A
Adobe Systems Inc
Advanced Micro Devices Inc
Aes Corp.
Aetna Inc.
Affiliated Computer Serv
Aflac Inc.
Agilent Technologies
Aig
Air Products & Chemicals
Airgas Inc.
Ak Steel Holding
Akamai Technologies Inc
Alcoa Inc
Allegheny Energy Inc
Allegheny Technologies/when Iss
Allergan Inc.
Allstate Corp
Altera Corp
Altria Group
Amazon Com Inc
Ameren Corp
American Electric Power Co.inc
American Express Co.
American Tower Corp A
Ameriprise Financial Inc/wh.i
Amerisourcebergen Corp
Amgen Inc.
Amphenol Corporation -aAnadarko Petrol.corp.
Analog Devices Inc
Aon Corp
Apache Corp.
Apartment Inv.+manag. A
Apollo Group Inc. A
Apple Inc
Applied Materials Inc
Archer-daniels Midland Co.
Assurant Inc
At & T
Autodesk Inc.
Automatic Data Proces.
Autonation Inc
Autozone Inc
Avalonbay Communities Inc.
0.07
0.70
Panama - Panama
14,053 Carnival Corp
0.10
0.09
0.07
325,972
Netherlands Antilles Niederländische Antillen
31,835
80,682
3,739
19,161
2,866
37,511
35,429
3,135
25,544
5,237
6,153
9,570
3,700
4,005
9,397
31,002
3,923
4,593
11,242
29,193
4,482
94,430
12,359
12,707
34,094
53,867
2,340
13,944
25,413
56,621
6,283
22,635
16,282
12,511
15,306
5,443
3,976
42,853
19,070
60,772
5,875
278,579
2,677
17,243
7,539
1,515
3,580
Quantity Anzahl
0.11
96.24
2,353,880
3,961,486
124,397
626,181
16,565
571,668
1,000,869
173,428
1,094,050
146,112
278,239
747,513
180,116
80,861
190,289
412,637
105,686
162,317
640,794
903,231
91,254
1,690,297
1,133,567
328,095
1,058,619
1,830,939
85,153
450,949
558,578
3,423,306
235,298
1,430,532
444,173
515,954
1,400,958
79,903
288,697
7,944,089
253,250
1,713,770
188,881
7,577,349
64,783
678,857
135,627
221,160
263,058
0.54
0.90
0.03
0.14
0.00
0.13
0.23
0.04
0.25
0.03
0.06
0.17
0.04
0.02
0.04
0.09
0.02
0.04
0.15
0.21
0.02
0.39
0.26
0.07
0.24
0.42
0.02
0.10
0.13
0.78
0.05
0.33
0.10
0.12
0.32
0.02
0.07
1.81
0.06
0.39
0.04
1.73
0.01
0.16
0.03
0.05
0.06
Avery Dennison Corp
Avon Products Inc.
Baker Hughes Inc
Ball Corp.
Bank Of America Corp
Bank Of Ny Mellon Corp Shs
Bard (c.r.) Inc
Baxter Intl Inc.
Bb&t Corporation
Becton Dickinson & Co.
Bed Bath & Beyond Inc.
Bemis Co Inc
Best Buy Co Inc.
Big Lots
Biogen Idec Inc
Bj Services Co
Black & Decker Corp
Block Inc. H+r
Bmc Software Inc.
Boeing Co
Boston Properties
Boston Scientific Corp.
Bristol Myers Squibb Co
Broadcom Corp -aBrown-forman Corp. B /non-vot.
Burlington Northern Santa Fe
C.h.robinson Worldwide Inc
Cabot Oil+gas Inc./cl.
Cameron International Corp
Campbell Soup Co.
Capital One Financial Corp.
Cardinal Health Inc.
Carefusion
Caterpillar Inc.
Cb Richard Ellis Group Inc -aCelgene Corp.
Centerpoint Energy Inc
Centurytel
Cephalon Inc.
Cf Industries Holdings Inc
Charles Schwab Corp
Chesapeake Energy
Chevron Corporation
Chubb Corp
Ciena Corp
Cigna Corp.
Cincinnati Financial Corp
Cintas
Cisco Systems Inc.
Citigroup Inc
Citrix Systems Inc
Clorox Co
Cme Group Inc
Cms Energy Corp.
Coach Inc
Coca Cola Enterprise
Coca-cola Co.
Cognizant Technology Sol.corp
Colgate-palmolive Co.
Comcast Corp/-aComerica Inc.
Computer Associates Intl Inc
Computer Sciences Corp
Compuware Corp.
Conagra Foods Inc
Conocophillips
Consol Energy Inc
Consolidated Edison Inc
Constellation Brand -a-
% of Net
Assets
Market
- % des
Value USD
FondsMarktwert
USD vermögens
132,457
803,473
601,301
320,963
6,768,076
1,608,311
180,265
973,551
852,332
771,537
362,603
268,124
547,228
157,574
671,774
259,967
95,511
345,848
255,408
1,481,185
414,509
573,804
2,620,378
626,917
246,617
965,980
353,682
174,626
493,105
356,284
731,915
482,613
57,526
882,360
102,846
116,007
191,734
775,082
98,414
227,047
669,459
966,828
7,016,190
974,337
32,032
581,352
212,271
182,815
5,874,559
2,794,380
259,326
371,719
927,739
195,003
492,396
384,681
5,352,324
417,186
1,731,714
2,756,173
194,277
405,449
549,380
80,760
692,459
2,666,443
373,346
224,741
67,878
0.03
0.18
0.14
0.07
1.54
0.37
0.04
0.22
0.19
0.18
0.08
0.06
0.12
0.04
0.15
0.06
0.02
0.08
0.06
0.34
0.09
0.13
0.60
0.14
0.06
0.22
0.08
0.04
0.11
0.08
0.17
0.11
0.01
0.20
0.02
0.03
0.04
0.18
0.02
0.05
0.15
0.22
1.60
0.22
0.01
0.13
0.05
0.04
1.34
0.64
0.06
0.08
0.21
0.04
0.11
0.09
1.22
0.10
0.40
0.63
0.04
0.09
0.13
0.02
0.16
0.61
0.09
0.05
0.02
48
Quantity Anzahl
6,207
5,458
84,730
10,560
12,640
26,679
9,452
55,430
9,283
8,640
4,751
10,409
10,358
44,628
3,835
3,569
13
7,792
987
4,732
9,938
24,302
45,569
10,963
8,486
37,811
13,210
14,668
8,970
41,193
40,642
2,950
16,130
45,673
5,661
35
7,549
75,020
9,294
16,768
24,865
11,520
77,274
34,263
10,545
10,698
6,385
1,845
4,088
12,369
3,726
40,490
10,292
3,145
4,397
214,546
8,765
2,087
4,224
11,074
10,430
43,546
9,046
15,239
10,472
2,245
5,326
10,309
2,479
7,228
12,663
12,793
Constellation Energy Group Inc
Convergys Corp
Corning Inc.
Costco Wholesale Corp
Coventry Health Care Inc
Csx Corp.
Cummins Inc
Cvs Caremark Corp
Danaher Corp
Darden Restaurants
Davita Inc
Dean Foods Co
Deere & Co.
Dell Inc
Denbury Resources Inc
Dentsply Intl Inc.
Developers Diversified Realty
Devon Energy Corp.(new)
Devry Inc.
Diamond Offshore Drilling
Directv Group Inc
Discover Fin Svc
Dominion Resources Inc
Donnelley And Sons.rr
Dover Corp.
Dow Chemical Co.
Dr Horton Inc
Dr Pepper Snapple Group Inc
Dte Energy Company
Du Pont De Nem.& Co/e.i
Duke Energy Holding Corp
Dun And Bradstreet Corp
Dynegy Inc -aE Trade Financial Corp
Eastman Chemical Co
Eastman Kodak Co.
Eaton Corp.
Ebay Inc
Ecolab Inc.
Edison International
El Paso Energy Corp
Electronic Arts
Emc Corp
Emerson Electric Co.
Ensco Intl Inc.
Entergy Corp.
Eog Resources Inc.
Eqt
Equifax Inc
Equity Residential Sbi
Estee Lauder Cos A
Exelon Corp
Expedia Inc Del
Expeditors Intl Wash.
Express Scripts Inc.
Exxon Mobil Corp
Family Dollar Stores Inc.
Fastenal
Federated Investors Inc. B
Fedex Corp.
Fidelity National Inform Serv
Fifth Third Bancorp
First Horizon Natl Corp
Firstenergy Corp
Fiserv Inc.
Flir Systems
Flowserve Corp
Fluor Corp (new)
Fmc Corp.
Fmc Technologies Inc
Ford Motor Co
Forest Laboratories
% of Net
Market
Assets
Value USD
- % des
Marktwert
FondsUSD vermögens
201,914
56,927
1,286,201
596,534
252,042
1,149,065
420,425
1,999,360
625,489
312,336
266,911
185,072
447,466
677,007
57,563
123,131
122
527,285
54,255
455,786
273,096
388,103
1,582,611
235,266
328,069
996,320
156,803
418,771
319,153
1,339,596
644,582
220,719
41,132
82,211
311,638
173
434,067
1,790,727
426,502
569,274
260,585
220,493
1,315,203
1,374,632
450,588
860,761
521,271
79,151
119,043
379,976
136,781
2,028,549
245,670
110,075
342,614
14,818,692
227,452
80,996
110,838
830,993
264,922
432,847
120,764
703,280
502,237
62,995
521,149
526,378
140,435
381,711
94,339
380,080
Quantity Anzahl
0.05
0.01
0.29
0.14
0.06
0.26
0.10
0.46
0.14
0.07
0.06
0.04
0.10
0.15
0.01
0.03
0.00
0.12
0.01
0.10
0.06
0.09
0.36
0.05
0.07
0.23
0.04
0.10
0.07
0.31
0.15
0.05
0.01
0.02
0.07
0.00
0.10
0.41
0.10
0.13
0.06
0.05
0.30
0.31
0.10
0.20
0.12
0.02
0.03
0.09
0.03
0.46
0.06
0.03
0.08
3.38
0.05
0.02
0.03
0.19
0.06
0.10
0.03
0.16
0.11
0.01
0.12
0.12
0.03
0.09
0.02
0.09
3,282
38,514
5,460
20,055
3,044
12,661
6,149
36,566
28,134
444,994
14,898
8,193
21,400
1,856
22,503
23,306
9,674
2,901
10,454
3,606
21,760
4,820
480
5,391
17,518
5,345
13,040
6,539
14,368
16,174
99,930
64,198
24,879
4,292
9,390
22,291
26,009
16,164
24,561
62,122
17,580
5,344
1,199
255,202
2,692
15,500
21,664
4,537
4,350
11,803
1,386
4,958
8,315
5,728
6,906
6,950
5,719
7,954
138,153
34,412
179,278
19,195
1,916
11,433
39,527
25,886
15,994
11,018
4,508
11,189
107,639
40,837
Fortune Brands
Fpl Group Inc *opa*
Franklin Resources Inc.
Freeport Mcmoran Copper & Gold
Frontier Communications Co
Gamestop Corp -aGannett Co.inc.
Gap Inc.
General Dynamics Corp
General Electric Co
General Mills Inc
Genuine Parts Co
Genwaorth Financial / -aGenzyme Corp.
Gilead Sciences Inc.
Goldman Sachs Group Inc.
Goodrich Corp
Goodyear Tire & Rubber
Google Inc A
Grainger Inc..ww
Halliburton Co
Harley Davidson Inc.
Harman Intl Industries Inc
Harris Corp.
Hartford Fin.serv.group
Hasbro Inc.
Hcp Inc
Health Care Reit Inc
Heinz (h.j.) Co
Hess Corp
Hewlett-packard Co.
Home Depot Inc.
Honeywell International Inc.
Hormel Foods Corporati
Hospira Inc *opa*
Host Hotels & Resorts Inc
Hudson City Bancorp Inc
Humana Inc.
Huntington Bancshares Inc.
Ibm Corp
Illinois Tool Works
Ims Health
Integrys Energy Group Inc
Intel Corp.
Intercontinental Exchange Inc
International Paper Co
Interpublic Group
Intl Flavors & Fragr.
Intl Game Technology
Intuit
Intuitive Surgical Inc
Iron Mountain Inc
Itt Corp
Jabil Circuit Inc.
Jacobs Engineer.group
Janus Capital Group Inc
Jds Uniphase Corp
Jm Smucker Co
Johnson & Johnson
Johnson Controls Inc.
Jpmorgan Chase & Co
Juniper Networks Inc.
Kb Home
Kellogg Co
Keycorp
Kimberly Clark Corp
Kimco Realty Corp.
King Pharmaceuticals Inc
Kla Tencor Corporation
Kohl S Corp.
Kraft Foods Inc -aKroger Co.
% of Net
Market
Assets
Value USD
- % des
Marktwert
142,701
2,123,662
552,825
1,370,158
22,830
339,188
72,189
784,341
1,813,799
7,435,850
947,066
308,057
266,216
105,699
1,045,939
4,278,515
520,364
49,578
5,211,633
323,602
594,266
110,330
16,310
203,241
480,694
147,148
378,290
277,646
571,559
868,544
4,740,679
1,722,432
926,743
153,181
420,860
263,703
343,579
614,555
108,068
7,380,715
757,522
83,046
43,536
4,971,335
255,848
352,935
164,430
171,317
93,090
333,435
355,634
134,709
435,124
70,340
321,198
99,246
39,404
429,357
8,417,662
892,647
8,045,997
509,627
32,898
565,362
258,902
1,491,551
213,040
117,672
159,358
630,948
2,800,767
844,509
0.03
0.48
0.13
0.31
0.01
0.08
0.02
0.18
0.41
1.70
0.22
0.07
0.06
0.02
0.24
0.98
0.12
0.01
1.19
0.07
0.14
0.03
0.00
0.05
0.11
0.03
0.09
0.06
0.13
0.20
1.08
0.39
0.21
0.03
0.10
0.06
0.08
0.14
0.02
1.68
0.17
0.02
0.01
1.13
0.06
0.08
0.04
0.04
0.02
0.08
0.08
0.03
0.10
0.02
0.07
0.02
0.01
0.10
1.92
0.20
1.84
0.12
0.01
0.13
0.06
0.34
0.05
0.03
0.04
0.14
0.64
0.19
49
Quantity Anzahl
10,771
4,937
7,332
9,790
5,426
8,665
2,572
10,195
33,754
14,556
16,490
5,541
17,908
19,868
15,496
67,359
17,314
4,517
18,690
38,617
2,561
23,555
16,112
7,535
1,968
3,725
11,379
6,854
4,660
7,676
49,753
24,968
18,096
11,666
17,187
63,277
5,365
113,042
976
43,663
3,752
7,601
23,690
340,875
1,488
7,889
10,339
17,291
4,582
9,192
61,961
60,073
12,371
22,845
6,159
35,671
6,895
16,419
341
14,859
22,339
48,340
1,930
17,722
18,448
7,909
7,510
15,575
5,461
10,721
16,997
29,421
L-3 Communications Hlds Inc
Laboratory Corp Of Amer.hld
Legg Mason Inc.
Leggett + Platt Inc.
Lennar Corp. -aLeucadia National Corp.
Lexmark Intl Inc.
Life Technologies Corp
Lilly (eli) & Co
Limited Brands Inc
Lincoln National Corp.
Linear Technology
Lockheed Martin Corp
Loews Corp
Lorillard Inc
Lowe S Companies Inc.
Lsi Corporation
M&t Bank Corporation
Macy S
Marathon Oil Corp.
Marriott Intl Inc. A
Marsh & Mc-lennan Cos Inc
Marshall & Iisley Corp /w.i
Masco Corp.
Massey Energy Co
Mastercard Inc. Shs-aMattel Inc.
Mbia Inc.
Mc-cormick&co/n.voting
Mcafee Inc
Mcdonald S Corp.
Mcgraw Hill Companies Inc
Mckesson Corp
Meadwestvaco Corp
Medcohealth Solutions
Medtronic Inc.
Memc Electronic Materials
Merck & Co. Inc
Meredith Corp.
Metlife Inc
Metropcs Communications Inc
Microchip Technology Inc.
Micron Technology Inc
Microsoft Corp
Millipore Corp
Molex Inc.
Molson Coors Brew-b-non-vot
Monsanto Co
Monster Worldwide Inc
Moody S Corp / When Issued
Morgan Stanley
Motorola Inc.
Murphy Oil Corp.
Mylan Inc
Nasdaq Omx Group Inc
National Oilwell Varco Inc
National Semiconductor Corp
Netapp Inc
New York Times A
Newell Rubbermaid Inc.
Newmont Mining Corp.
News Corp -aNicor Inc.
Nike Inc B
Nisource Inc
Noble Energy
Nordstrom Inc
Norfolk Southern Corp.
Northeast Utilities
Northern Trust Corp
Northrop Grumman Corp
Novell Inc.
% of Net
Market
Assets
Value USD
- % des
Marktwert
874,067
325,250
230,445
191,297
80,142
214,719
55,684
471,723
1,128,059
249,635
429,070
152,378
1,415,627
684,254
1,158,171
1,428,684
94,534
282,177
341,279
1,239,606
69,838
584,164
133,407
100,894
55,990
770,106
209,146
53,667
158,673
331,987
2,844,379
651,914
1,063,683
271,351
963,331
2,350,108
88,791
3,600,388
29,241
1,684,955
36,094
200,058
198,996
8,777,531
105,574
159,989
503,096
1,335,384
81,926
191,286
1,926,367
505,214
718,755
368,947
131,433
1,537,777
98,805
429,357
2,861
232,098
976,884
575,246
71,275
1,064,915
256,612
525,632
230,933
682,964
131,064
626,642
896,592
133,866
Quantity Anzahl
0.20
0.07
0.05
0.04
0.02
0.05
0.01
0.11
0.26
0.06
0.10
0.03
0.32
0.16
0.26
0.33
0.02
0.06
0.08
0.28
0.02
0.13
0.03
0.02
0.01
0.18
0.05
0.01
0.04
0.08
0.65
0.15
0.24
0.06
0.22
0.54
0.02
0.82
0.01
0.38
0.01
0.05
0.05
2.00
0.02
0.04
0.11
0.30
0.02
0.04
0.44
0.12
0.16
0.08
0.03
0.35
0.02
0.10
0.00
0.05
0.22
0.13
0.02
0.24
0.06
0.12
0.05
0.16
0.03
0.14
0.20
0.03
2,560
10,935
1,919
14,166
6,067
36,962
13,389
17,330
178,050
10,325
5,938
10,122
5,376
5,721
2,209
7,830
9,756
12,788
14,988
1,504
8,231
60,733
6,777
323,207
23,956
94,241
3,153
7,798
12,751
21,035
3,204
9,212
17,168
13,987
10,870
17,505
130,696
12,464
30,953
24,293
25,312
47,458
6,182
8,273
1,790
70,159
5,324
10,511
7,943
108,759
8,089
5,756
36,021
5,036
57,347
10,072
17,550
1,788
7,930
8,744
7,253
2,916
29,832
3,006
6,153
49,615
4,020
64,524
2,361
12,569
3,271
16,314
Novellus Systems Inc
Nucor Corp.
Nvidia Corp.
Nyse Euronext
O Reilly Automotive Inc
Occidental Petroleum Corp
Office Depot Inc
Omnicom Group Inc.
Oracle Corp
Owens-illinois Inc.
Paccar Inc.
Pactiv Corp.
Pall Corp.
Parker-hannifin
Patterson Companies Inc
Paychex Inc.
Peabody Energy
Penney (j.c.) Co.inc
People S United Financial Inc
Pepco Holdings Inc
Pepsi Bottling Group Inc
Pepsico Inc
Perkinelmer Inc
Pfizer Inc.
Pg&e Corp (holding Co)
Philip Morris Int.
Pinnacle West Cap.corp.
Pioneer Natural Resourc.
Pitney Bowes Inc
Pnc Financial Services Group
Polo Ralph Lauren A
Ppg Industries Inc.
Ppl Corp
Praxair
Precision Castparts
Principal Financial Group Inc
Procter & Gamble Co.
Progress Energy Inc
Progressive Corp
Prologis/shs Of Benef.int
Prudential Financial Inc
Publ.serv.enterprise
Public Storage Inc.
Pulte Homes Inc
Q Logic Corp
Qualcomm Inc.
Quanta Services Inc
Quest Diagnostics Inc.
Questar Corp
Qwest Communications Intl
Radioshack Corp.
Range Resources
Raytheon Company
Red Hat Inc
Regions Financial Corp
Republic Services Inc.
Reynolds American Inc
Robert Half Intl Inc.
Rockwell Automation
Rockwell Collins
Rowan Companies Inc
Ryder System Inc.
Safeway Inc.
Salesforce Com Inc
Sandisk Corp
Sara Lee Corp.
Scana Corporation
Schering-plough Corp
Scripps Networks Interactive I
Sealed Air Corp (new)
Sears Holdings Corp
Sempra Energy
% of Net
Market
Assets
Value USD
- % des
Marktwert
53,376
511,758
27,941
407,131
219,443
2,893,755
87,698
656,807
3,760,416
384,503
225,466
268,638
177,139
302,698
60,593
225,896
365,557
431,083
236,661
22,605
299,938
3,553,488
131,609
5,420,181
980,519
4,591,422
104,144
283,535
320,305
1,009,470
247,926
541,113
526,371
1,132,947
1,118,197
487,164
7,568,605
490,084
518,153
297,589
1,264,588
1,500,622
472,428
94,064
30,770
3,192,234
121,920
549,305
298,577
406,759
135,410
286,706
1,739,814
139,699
369,888
269,426
792,031
45,594
339,563
442,709
168,777
116,144
590,972
171,823
133,889
544,277
141,906
1,815,060
87,829
249,997
215,232
818,310
0.01
0.12
0.01
0.09
0.05
0.66
0.02
0.15
0.86
0.09
0.05
0.06
0.04
0.07
0.01
0.05
0.08
0.10
0.05
0.01
0.07
0.81
0.03
1.24
0.22
1.05
0.02
0.06
0.07
0.23
0.06
0.12
0.12
0.26
0.26
0.11
1.73
0.11
0.12
0.07
0.29
0.34
0.11
0.02
0.01
0.73
0.03
0.13
0.07
0.09
0.03
0.07
0.40
0.03
0.08
0.06
0.18
0.01
0.08
0.10
0.04
0.03
0.13
0.04
0.03
0.12
0.03
0.41
0.02
0.06
0.05
0.19
50
Quantity Anzahl
5,431
4,462
12,992
20,982
6,937
2,967
16,003
17,620
12,639
34,582
196,037
9,180
3,617
32,930
27,074
4,635
22,273
1,289
10,189
19,759
4,798
22,741
7,345
18,093
20,234
9,385
34,432
6,644
22,982
6,619
11,988
6,489
3,516
83,991
988
5,893
18,607
5,619
90,565
198
2,104
32,761
4,124
14,799
31,186
17,679
22,828
7,812
42,659
99,061
18,137
87,163
35,056
2,302
3,020
6,656
1,074
154,120
7,255
40,972
8,568
1,826
98,463
35,998
84,079
152
22,461
3,502
5,741
40,658
212,970
15,210
Sherwin-williams Co.
Sigma-aldrich Corp
Simon Property/paired Shs
Slm Corp
Smith International Inc
Snap-on Inc
Southern Co.
Southwest Airlines Co
Southwestern Energy Co
Spectra Energy Corp *opa*
Sprint Nextel Corp/fon Ser.1
St Jude Medical Inc
Stanley Works
Staples Inc
Starbucks Corp.
Starwood Hotels Resorts Ww
State Street Corp
Stericycle Inc
Stryker Corp.
Sun Microsystems Inc
Sunoco Inc.
Suntrust Banks Inc.
Supervalu Inc.
Symantec Corp.
Sysco Corp.
T Rowe Price Group Inc.
Target Corp
Teco Energy Inc.
Tellabs Inc.
Tenet Healthcare Corp
Teradata
Teradyne Inc
Tesoro Corp.
Texas Instruments Inc
Textron Inc.
The Hershey Co
Thermo Fisher Scientific Inc
Tiffany & Co
Time Warner
Time Warner Cable
Titanium Metals Corp
Tjx Cos Inc.
Torchmark Corp.
Total System Services Inc
Travelers Companies Inc
Tyson Foods Inc.-aUnion Pacific Corp.
United States Steel
United Technologies Corp
Unitedhealth Group Inc
Unum Group
Us Bancorp
Utd Parcel Service Inc B
Valero Ener. Corp
Varian Medical Systems Inc
Ventas Inc.
Verisign Inc
Verizon Communications I
Vf Corp
Viacom Inc -bVolnado Realty Trust
Vulcan Materials Co(hold. Co)
Wal-mart Stores Inc
Walgreen Co.
Walt Disney /disney Ser
Washington Post /-bWaste Management Inc.
Waters Corporation
Watson Pharmaceuticals Inc.
Wellpoint Inc
Wells Fargo & Co
Western Digital Corp.
% of Net
Market
Assets
Value USD
- % des
Marktwert
327,272
240,903
900,605
186,950
202,491
102,599
511,616
170,209
534,756
661,899
791,989
364,813
153,650
765,952
551,768
151,379
1,172,896
62,529
464,924
178,819
134,152
512,810
111,644
289,850
504,838
431,335
1,627,945
95,275
156,737
38,324
332,907
59,115
50,560
1,977,988
18,485
230,122
811,451
215,376
2,647,215
8,663
20,346
1,212,157
181,291
241,372
1,526,867
223,109
1,350,048
355,915
2,615,423
2,543,886
393,392
1,895,795
1,990,480
44,797
127,021
259,451
24,659
4,648,259
531,066
1,157,049
554,949
99,754
4,847,333
1,344,525
2,349,167
71,641
673,830
194,011
212,417
2,003,626
6,037,699
550,146
Quantity Anzahl
0.07
0.06
0.21
0.04
0.05
0.02
0.12
0.04
0.12
0.15
0.18
0.08
0.04
0.17
0.13
0.03
0.27
0.01
0.11
0.04
0.03
0.12
0.03
0.07
0.12
0.10
0.37
0.02
0.04
0.01
0.08
0.01
0.01
0.45
0.00
0.05
0.19
0.05
0.60
0.00
0.00
0.28
0.04
0.06
0.35
0.05
0.31
0.08
0.60
0.58
0.09
0.43
0.45
0.01
0.03
0.06
0.01
1.06
0.12
0.26
0.13
0.02
1.11
0.31
0.54
0.02
0.15
0.04
0.05
0.46
1.38
0.13
32,829
4,028
8,272
26,576
4,783
5,219
66,875
9,483
423
24,882
30,972
6,529
31,558
28,771
11,427
13,460
5,636
Western Union Company
Whirlpool Corp.
Whole Foods Market Inc.
Williams Companies Inc
Windstream Corp
Wisconsin Energy Corp.
Wyeth
Wyndham Worldwide Corp
Wynn Resorts Ltd
Xcel Energy Inc
Xerox Corp.
Xilinx Inc.
Xto Energy Inc
Yahoo Inc
Yum Brands
Zimmer Holdings Inc
Zions Bancorp
% of Net
Market
Assets
Value USD
- % des
Marktwert
632,287
283,168
251,138
482,886
46,873
237,882
3,253,469
153,719
30,985
486,692
245,298
151,473
1,320,702
502,054
374,577
721,456
102,519
0.14
0.06
0.06
0.11
0.01
0.05
0.74
0.04
0.01
0.11
0.06
0.03
0.30
0.11
0.09
0.16
0.02
Investment
7,787 Plum Creek Timber Co Inc /reit
Shares Aktien
0.06
241,864
0.06
21,852 Motors Liquidation Co
0.00
15,624
0.00
Investment
funds Other transferable securities Anlagefonds Sonstige Wertpapiere
Ireland - Irlande
0.00
312 Insight Liq.fd.plc-usd Cl2 Dislass2
312
0.00
426,782,733
97.37
11,531,872
2.63
438,314,605
100.00
OTHER NET ASSETS
TOTAL NET ASSETS
51
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
9.66
0.12
9.29
0.09
Petrol - Treibstoff
8.92
0.04
6.90
0.01
6.82
6.17
5.00
4.79
4.58
4.47
2.90
2.73
2.64
2.57
2.10
1.77
Chemicals - Chemie
1.69
1.69
Healthcare, education and social services - Gesundheit Bildung und
soziale Einri
1.64
1.35
Leisure - Freizeit
1.33
1.29
0.92
0.79
0.61
0.57
0.53
0.50
0.48
0.47
0.46
0.39
0.37
0.34
0.22
0.16
OTHER NET ASSETS
TOTAL NET ASSETS
97.37
2.63
100.00
52
CMI UK Equity
Quantity Anzahl
Shares Aktien
% of Net
Market
Assets
Value GBP
- % des
Marktwert
FondsGBP vermögens
0.55
287,580
169,550
Hiscox Ltd
Lancashire Holdings
Namakwa Diamonds Ltd
Oakley Cap.inv.ltd
Purecircle Ltd. Registered
0.08
0.43
351,956
3i Group Plc
Aberdeen Asset Management Plc
Anglo American Plc
Antisoma Plc
Arm Holdings Plc
Ashtead Group Plc
Astrazeneca Plc
Autonomy Corporation Plc
Bae Systems Plc
Balfour Beatty Plc
Barclays Plc
Bg Group Plc
Bhp Billiton Plc
Blinkx Plc
Bodycote Plc
Borders & South Pet
Bp Plc
British Airways Plc
British American Tobacco (25p)
British Land
Bt Group Plc
Burberry Group Plc
Capita Grp
Carillion Plc
Carnival Plc
Centrica Plc
Communisis Plc
Compass Group Plc
Csr Plc
Daisy Group Plc
Dana Petroleum Plc
Datacash Group Plc
Digital Marketing Grp Plc
Easyjet Plc
Eurasian Natural Res Corp Plc
Experian Plc
Glaxosmithkline Plc
Goindustry Dovebid Plc
Greene King Plc
Gulfsands Petroleum Plc
Hsbc Holdings Plc
Icap Plc
Inchcape Plc
International Power Plc
Invensys Plc
0.28
0.35
0.09
0.39
0.26
0.08
63,992
China - China
111,732 Asian Citrus Holding Ltd
0.35
0.20
1.37
232,414
294,960
71,899
325,055
213,064
Canada - Kanada
799,898 Caza Oil & Gas Inc
224,666
259,780
98,599
827,000
254,099
379,594
77,121
27,102
287,685
82,178
650,855
204,748
72,161
1,106,368
135,987
383,996
995,236
304,879
43,973
75,212
404,891
87,117
32,993
86,904
24,406
434,363
628,848
97,422
67,179
352,928
30,440
211,639
365,339
113,960
64,671
149,006
323,086
10,273,380
110,951
118,397
854,846
99,791
1,254,815
269,969
181,994
395,587
557,900
48,456
565,737
963,577
336,094
180,593
72,483
136,575
418,897
106,901
1,258,132
29,000
208,820
24,044
280,173
37,379
569,908
66,239
78,476
125,491
169,468
96,010
79,550
42,884
347,886
139,792
29,589
172,137
1,275,538
319,152
58,430
124,039
492,158
295,849
102,803
3,350,640
636,991
90,268
36,714
3,369,610
192,994
547,772 Intl Ferro Metals Ltd
1,304,226 Plantic Technologies Ltd
66,518
58,235
214,622
361,172
85,913
Quantity Anzahl
0.43
90.14
651,531
401,100
2,019,308
293,585
368,444
324,553
2,184,838
447,183
1,002,582
265,435
2,430,618
2,233,801
1,239,365
210,210
232,266
223,678
5,536,498
675,307
865,828
357,332
538,100
436,021
239,199
237,943
529,366
1,110,232
119,481
372,055
317,689
324,694
431,944
452,907
189,976
429,971
566,195
777,811
3,994,958
231,151
469,101
293,921
6,154,036
419,022
357,999
788,309
536,336
0.79
0.48
2.44
0.35
0.44
0.39
2.64
0.54
1.21
0.32
2.93
2.70
1.50
0.25
0.28
0.27
6.68
0.82
1.05
0.43
0.65
0.53
0.29
0.29
0.64
1.34
0.14
0.45
0.38
0.39
0.52
0.55
0.23
0.52
0.68
0.94
4.82
0.28
0.57
0.35
7.43
0.51
0.43
0.95
0.65
Itv Plc
Johnson Service Group
Lambert Howarth Group Plc
Legal & General Group Plc
Lloyds Banking Group Plc
Man Group Plc
Mears Group Plc
Micro Focus Intl Plc
Mitie Group Plc
Moneysupermarket.com
National Grid Plc
Nighthawk Energy Plc
Persimmon Plc
Prudential Plc
Pz Cussons Plc
Qinetic Group Plc
Reckitt Benckiser Group Plc
Renewable Power And Light Plc
Rio Tinto Plc /reg.
Robert Walters Plc
Royal Dutch Shell /-bRoyal Dutch Shell Plc/-aRps Group Plc
Sabmiller Plc
Scottish & Southern Energy Plc
Sepura Plc
Serco Group Plc
Smiths Group Plc
Southern Cross Healthcare Grp
Sport Media Group Plc
Sportech Plc
Standard Chartered Plc
Sthree Plc
Tesco Plc
The Mission Marketing Grp Plc
Unilever Plc
Vodafone Group Plc
Vyke Communications Plc
Wolfson Microelectronics Plc
Wolseley Plc
Workspace Group Plc
Xstrata Plc
% of Net
Market
Assets
Value GBP
- % des
Marktwert
183,948
117,159
0.00
488,514
1,016,092
1,099,027
524,171
257,315
341,711
337,631
649,958
471,799
134,270
1,264,405
59,966
394,484
1,138,191
48,442
1,785,141
159,110
2,196,092
3,046,187
218,039
1,217,115
501,743
161,767
705,950
259,939
229,803
51,022
232,981
896,316
325,850
1,960,265
94,672
1,819,613
4,711,000
70,069
126,601
552,913
732,890
1,812,214
Guernsey - Guernsey
440,375 Alpha Pyrenees Trust Ltd
311,686 Rapid Realisations Fd Ltd
0.48
145,324
252,465
Isle of Man - DE-Ile de Man
145,712 Hansard Global Plc
197,943 Lamprell Plc
502,772 Opg Power Ventures Plc
0.67
0.35
288,174
60,687 Phorm Inc /reg.s
1.34
0.56
0.67
556,156
Malawi - Malawi
234,288 Falkland Oil
0.29
0.41
0.49
1.90
1,111,425
458,660
458,875 Colt Telecom Group Sa
0.18
0.30
1.19
241,882
343,431
402,218
Jersey - Jersey
102,153 Shire Plc
66,137 Charter International Plc
0.22
0.14
0.00
0.59
1.23
1.33
0.63
0.31
0.41
0.41
0.78
0.57
0.16
1.53
0.07
0.48
1.37
0.06
2.16
0.19
2.65
3.68
0.26
1.47
0.61
0.20
0.85
0.31
0.28
0.06
0.28
1.08
0.39
2.37
0.11
2.20
5.69
0.08
0.15
0.67
0.88
2.19
0.35
0.09
72,824
0.09
53
CMI UK Equity
Quantity Anzahl
% of Net
Market
Assets
Value GBP
- % des
Marktwert
Investment
139,394 Herald Invest Trust Plc
196,160 Intl Biotechnology Trust Plc
242,896 Prelude Trust Plc
0.84
437,697
257,950
0.00
Guernsey - Guernsey
209,127 Stobart Group Ltd
Shares Aktien
0.29
238,405
0.29
Other transferable securities - Sonstige Wertpapiere
96,524 Tanfield Group Plc
0.06
49,710
292,014 Styles & Wood
123,460 Informa Plc
0.06
0.11
90,524
Jersey - Jersey
Options,
Warrants,
0.53
0.31
0.00
0.11
0.47
393,838
0.47
187,713 Oakley Cap 07-3.8.10 Wrt
0.00
469
0.00
TOTAL INVESTMENT PORTFOLIO - 82,027,876
SUMME WERTPAPIERBESTAND
99.02
OTHER NETASSETS
TOTAL NETASSETS
813,358
0.98
82,841,234
100.00
54
CMI UK Equity
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
Petrol - Treibstoff
16.93
0.26
12.67
Electronics and electrical equipment - Elektrotechnik und
Elektronik
0.15
7.52
7.46
6.46
Holding and finance companies - Holding- und
Finanzgesellschaften
5.40
4.60
3.98
3.74
3.22
Retail trade, department stores - Einzelhandel und
Warenhäuser
2.55
2.52
2.47
2.20
2.04
Leisure - Freizeit
1.94
1.52
1.50
1.44
1.37
1.34
0.99
0.88
States, provinces and municipalities - Staats- und
Kommunalanleihen
0.67
0.55
0.54
0.53
0.44
0.43
0.43
Healthcare, education and social services - Gesundheit Bildung
und soziale Einri
0.28
OTHER NET ASSETS
TOTAL NET ASSETS
99.02
0.98
100.00
55
Quantity Anzahl
% of Net
Market
Assets
Value EUR
- % des
Marktwert
FondsEUR vermögens
Quantity Anzahl
% of Net
Market
Assets
Value EUR
- % des
Marktwert
Spain - Spanien
Shares Aktien
Belgium - Belgien
1.35
280,751
Finland - Finnland
48,368 Nokia Oy
Air Liquide
Alstom
Axa
Bnp Paribas
Carrefour S.a
Danone
France Telecom Sa
Gdf Suez
L’Oreal
Saint-gobain
Sanofi-aventis
Vinci
Vivendi
Basf Se
Bayer
E.on - Namen Akt.
Muenchener Rueckvers/namensakt.
Sap Ag
Siemens Ag /nam.
Volkswagen Ag
269,399
135,317
396,344
643,684
245,029
195,982
329,234
474,744
527,426
215,397
237,895
192,601
691,025
232,710
438,419
1,176,700
257,547
340,203
Assicurazioni Generali Spa
Enel
Eni Spa Roma
Intesa Sanpaolo Spa
Telecom Italia Spa
Unicredit S.p.a
Aegon Nv
97.23
OTHER NET ASSETS
2.33
576,296
2.77
1.30
0.65
1.91
3.10
1.18
0.94
1.58
2.29
2.54
1.04
1.14
0.93
3.33
1.12
2.11
5.66
1.24
1.64
TOTAL NET ASSETS
20,771,486
100.00
2.43
2.07
2.45
1.90
2.04
0.70
1.73
3.64
1.37
1.66
1.85
3.29
0.40
0.83
1.42
1.72
2.59
1.77
0.79
2.69
1.52
316,459
19,301
26,548
12,819
19,947
20,195,190
10.98
294,431
356,710
537,938
367,637
164,235
558,429
5.67
2.85
1.64
0.95
4.84
0.83
172,170
Italy - Italien
15,703
82,381
31,440
120,241
135,062
204,928
15.95
1,177,597
590,687
340,447
197,115
1,006,074
25.53
504,784
429,915
508,314
395,325
423,200
145,390
358,794
756,473
283,959
345,088
385,272
683,249
83,643
Ireland - Irlande
9,000 Crh Plc
1.35
33.70
5,837
11,863
10,652
11,477
8,000
2,576
38,251
25,827
2,593
5,392
11,542
10,557
730
Iberdrola Sa
Telefonica Sa
2.33
484,164
France - Frankreich
3,445
2,687
21,453
11,480
7,759
13,516
8,035
26,092
17,194
3,150
3,420
5,398
13,749
3,323
7,808
28,707
6,608
16,154
105,425
48,417
50,362
10,457
53,035
1.52
5.04
112,640
325,346
215,744
393,554
0.54
1.57
1.04
1.89
56
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
22.74
11.98
11.20
7.67
6.36
Chemicals - Chemie
5.82
Pharmaceuticals and cosmetics - Pharmazeutika und
Kosmetik
4.37
Petrol - Treibstoff
3.54
3.47
3.29
3.00
2.30
1.85
Elektronik
1.77
1.64
1.52
1.35
Warenhäuser
1.18
1.14
1.04
OTHER NET ASSETS
TOTAL NET ASSETS
97.23
2.77
100.00
57
Portfolio of investments as at 30 September 2009
Quantity Anzahl
Shares Aktien
% of Net
Market
Assets
Value JPY
- % des
Marktwert
FondsJPY vermögens
4,000
3,300
1,100
4,000
100
500
2,000
2,200
2,000
1,800
1,300
700
1,000
500
1,300
400
4,000
4,000
4
2,800
4,000
11,000
7,000
1,000
3,000
3,000
3,000
1,000
1,000
3,000
300
500
9,000
5,500
500
1,000
2,000
200
4,000
300
900
500
500
400
19,000
400
1,000
1,300
3,000
8,000
1,300
10,200
800
2,400
2,000
2,000
900
200
8,000
5
2,020
10,000
500
300
8,000
100
2,000
500
Japan - Japan
100
350
1,000
4,800
600
600
5,000
1,000
1,300
4,000
200
1,700
6,000
1,500
2,000
600
6,000
2,700
7,000
9,000
400
1,000
2,724
200
1,000
2,000
2,000
600
8,000
4,700
2,000
9,900
600
300
1,700
12
6,000
2,000
4,600
2,000
1,000
2,000
10,000
2,300
700
1,000
5,000
1,400
4,000
2,000
2,000
1,000
4,113
1,500
1,000
1,000
2,000
700
4,000
13,000
2
Quantity Anzahl
Abc Mart Inc
Acom Co Ltd *opa*
Advantest Corp.
Aeon Co Ltd
Aeon Credit Service Ltd
Aeon Mall Co Ltd
Aioi Insurance Co Ltd
Air Water Inc Osaka
Aisin Seiki Co Ltd
Ajinomoto Co. Inc
Alfresa Hld Corp Tokyo
Alfresa Holdings Corp
All Nippon Airways Co Ltd
Alps Electric Co
Amada Co.ltd
Aoyama Trading Co Ltd
Aozora Bank Ltd
Asahi Breweries
Asahi Glass Co. Ltd
Asahi Kasei Corp
Asatsu-dk Inc.
Asics Corp.
Astellas Pharma Inc
Autobacs Seven Co Ltd
Awa Bank Ltd
Bank Of Kyoto
Bank Of Nagoya Ltd
Benesse Corp.
Bk Of Yokohama
Bridgestone Corp
Brother Industries Ltd
Canon Inc.
Canon Marketing Japan Inc
Capcom Co Ltd
Casio Computer Co.ltd
Central Japan Railway Co
Chiba Bank
Chiyoda Corp
Chubu Electric Power C. Jpy500
Chugai Pharmaceut. Co.ltd
Chugoku Bank Ltd
Chugoku Electr.power Jpy 500
Chuo Mitsui Trust Holdings Inc
Citizen Holdings Co Ltd
Coca-cola West Co Ltd
Comsys Holdings Corp
Cosmo Oil Co Ltd
Credit Saison Co Ltd
Dai Nippon Printing Co.ltd
Daicel Chemical Industries Co.
Daido Steel Co Ltd
Daihatsu Motor Co
Daiichi Sankyo Co Ltd
Daikin Industries Ltd
Dainippon Screen Manufact.
Dainippon Sumitomo Pharma Co
Daishi Bank Ltd
Daito Trust Construct
Daiwa H. Industr.co. Ltd
Daiwa Securities Group Inc
Dena Co Ltd Tokyo
96.64
279,500
483,700
2,490,000
4,123,200
542,400
1,121,400
2,290,000
1,034,000
2,847,000
3,596,000
732,000
2,147,100
1,548,000
777,000
1,208,000
924,600
780,000
4,433,400
5,075,000
4,113,000
758,000
835,000
10,051,560
660,000
516,000
1,650,000
776,000
2,640,000
3,520,000
7,571,700
2,152,000
35,937,000
953,400
529,200
1,246,100
7,740,000
3,336,000
1,414,000
10,028,000
3,714,000
1,137,000
3,948,000
3,330,000
1,161,500
1,229,900
984,000
1,250,000
1,478,400
4,944,000
1,084,000
652,000
917,000
7,621,389
4,845,000
340,000
979,000
726,000
2,744,000
3,760,000
6,019,000
496,000
0.02
0.03
0.17
0.28
0.04
0.08
0.15
0.07
0.19
0.24
0.05
0.15
0.10
0.05
0.08
0.06
0.05
0.30
0.34
0.28
0.05
0.06
0.68
0.04
0.04
0.11
0.05
0.18
0.24
0.51
0.15
2.42
0.06
0.04
0.08
0.52
0.23
0.10
0.68
0.25
0.08
0.27
0.22
0.08
0.08
0.07
0.08
0.10
0.33
0.07
0.04
0.06
0.51
0.33
0.02
0.07
0.05
0.19
0.25
0.41
0.03
Denki Kagaku Kogyo Kk
Denso Corp *opr*
Dentsu Inc Tokyo
Dic Corp
Disco Corp.
Don Quijote Co Ltd
Dowa Holdings Co Ltd
East Japan Railway Co
Ebara Corp.
Eisai Co.ltd
Electric Power Development Co
Elpida Memory Inc
Ezaki Glico Co Ltd
Familymart Co Ltd
Fanuc Ltd Jpy 50
Fast Retailing Co Ltd
Fuji Electric Holdings Co Ltd
Fuji Heavy Industries Ltd
Fuji Media Holdings Inc
Fujifilm Holdings Corp
Fujikura Ltd
Fujitsu Ltd
Fukuoka Financial Group
Fukuyama Transp
Furukawa Electric Co. Ltd
Gs Yuasa Corp Kyoto
Gunma Bank Ltd
Gunze Ltd
H2o Retailing Corp
Hachijuni Bank Ltd
Hakuhodo Dy Hld Inc
Hamamatsu Photonics
Hankyu Hanshin Holdings Inc
Haseko Corp
Heiwa Corp.
Higo Bank Ltd
Hino Motors Ltd
Hirose Electric Co.ltd
Hiroshima Bank Ltd
Hisamitsu Pharmaceutical Co
Hitachi Chemical Co
Hitachi Constr.machin
Hitachi High-technologies Corp
Hitachi Koki Co Ltd
Hitachi Ltd
Hitachi Maxell Co.ltd
Hitachi Metals Ltd
Hokkaido Electr.power
Hokkoku Bank Ltd
Hokuhoku Financial Group
Hokuriku Elec.jpy 500
Honda Motor Co.ltd
House Foods Corp
Hoya Corp
Hyakugo Bank Ltd (105th Bank)
Hyakujuschi Bank Ltd
Ibiden Co Ltd
Idemitsu Kosan
Ihi Corp
Inpex Corp
Isetan Mitsukoshi Hld Ltd
Isuzu Motors Ltd
It Holdings Corp
Ito En Ltd
Itochu Corp
Itochu Techno-solutions Corp
Iyo Bank Ltd
Izumi Co Ltd
% of Net
Market
Assets
Value JPY
- % des
Marktwert
1,480,000
8,712,000
2,299,000
512,000
598,000
1,065,000
1,088,000
14,212,000
790,000
6,084,000
3,698,500
823,900
999,000
1,445,000
10,465,000
4,544,000
664,000
1,396,000
588,000
7,532,000
1,760,000
6,457,000
2,611,000
479,000
1,095,000
2,460,000
1,482,000
411,000
564,000
1,500,000
1,467,000
1,075,000
3,870,000
484,000
495,000
530,000
682,000
2,024,000
1,484,000
1,092,000
1,650,600
963,500
938,500
404,400
5,244,000
694,000
919,000
2,428,400
1,125,000
1,680,000
2,970,500
28,203,000
1,202,400
5,088,000
924,000
812,000
3,006,000
1,482,000
1,456,000
3,830,000
2,082,620
1,900,000
619,500
498,600
4,760,000
276,500
1,620,000
624,500
0.10
0.59
0.16
0.03
0.04
0.07
0.07
0.96
0.05
0.41
0.25
0.06
0.07
0.10
0.71
0.31
0.04
0.09
0.04
0.51
0.12
0.44
0.18
0.03
0.07
0.17
0.10
0.03
0.04
0.10
0.10
0.07
0.26
0.03
0.03
0.04
0.05
0.14
0.10
0.07
0.11
0.07
0.06
0.03
0.35
0.05
0.06
0.16
0.08
0.11
0.20
1.90
0.08
0.34
0.06
0.05
0.20
0.10
0.10
0.26
0.14
0.13
0.04
0.03
0.32
0.02
0.11
0.04
58
Quantity Anzahl
2,800
300
5,000
200
2,000
38
3,600
2,000
4,000
2,000
1,600
2,500
2,000
1,000
1,000
8,000
2,000
1,000
2,000
5,800
2,000
4,000
10,000
3,000
25
4,000
3,000
3,000
3,000
2,000
330
1,000
2,000
10,000
6,000
200
19,000
1,000
1,000
7,500
300
1,000
3,000
300
5,000
3,500
600
1,400
1,846
3,000
600
1,000
2,000
200
800
9,000
1,500
600
1,500
600
7,000
551
4,000
400
8,500
9,800
12,000
8,000
3,000
26,000
1,000
J. Front Retailing Co Ltd
Jafco Co Ltd
Japan Airlines Corp Jal
Japan Petroleum Exploration Co
Japan Steel Works Ltd
Japan Tobacco Inc.
Jfe Holdings Inc
Jgc Corp.
Joyo Bank Ltd
Js Group Corp
Jsr Corp. Tokyo
Jtekt Corp
Juroku Bank Ltd
Kagome Co Ltd
Kagoshima Bank Ltd
Kajima Corp.
Kamigumi Co Ltd
Kandenko Co Ltd
Kaneka Corp.
Kansai Electr. Power C. Jpy500
Kansai Paint Co Ltd Osaka
Kao Corp.
Kawasaki Heavy Ind.
Kawasaki Kisen
Kddi Corp.
Keihan Electric Railway Co Ltd
Keihin Elec.express Railway Co
Keio Corp
Keisei Electric Railway
Keiyo Bank Ltd
Keyence Corp.
Kikkoman Corp.
Kinden Corp
Kintetsu Corp
Kirin Holdings Co Ltd
Kobayashi Pharmaceutical Co
Kobe Steel Ltd
Koito Manufacturing Co Ltd
Kokuyo Co Ltd
Komatsu Ltd
Komeri Co Ltd
Konami Corp
Konica Minolta Holdings Inc
Kose Corp Tokyo
Kubota Corp
Kuraray Co Ltd
Kurita Water Ind.ltd
Kyocera Corp.
Kyowa Hakko Kirin Co Ltd
Kyushu Electr.power Co/jpy 500
Lawson Inc
Leopalace21 Corp
Lion Corp.
Mabuchi Motors
Makita Corp
Marubeni Corp.
Marui Group Co Ltd
Maruichi Steel Tube
Matsui Securities Ltd
Matsumotokiyoshi Holdings Co
Mazda Motor Corp
Meiji Holdings Co Ltd
Minebea Co Ltd
Misumi Group Inc
Mitsubishi Chemical Hldgs Corp
Mitsubishi Corp
Mitsubishi Electric Corp
Mitsubishi Gas Chemical
Mitsubishi Heavy Industries
Mitsubishi Logistics Corp
% of Net
Market
Assets
Value JPY
- % des
Marktwert
1,514,800
823,500
660,000
916,000
2,064,000
11,704,000
11,088,000
3,672,000
1,764,000
3,150,000
2,944,000
2,615,000
614,000
1,814,000
714,000
1,840,000
1,466,000
621,000
1,290,000
12,586,000
1,400,000
8,880,000
2,280,000
999,000
12,650,000
1,604,000
2,283,000
1,839,000
1,788,000
918,000
6,329,400
1,118,000
1,502,000
3,470,000
8,256,000
818,000
2,983,000
1,245,000
821,000
12,615,000
798,000
1,830,000
2,553,000
657,000
3,735,000
3,430,000
1,932,000
11,662,000
2,098,902
6,105,000
2,502,000
721,000
932,000
914,000
2,280,000
4,077,000
964,500
1,077,000
1,098,000
1,344,000
1,407,000
2,110,330
1,648,000
752,400
3,170,500
17,796,800
8,160,000
11,296,000
1,464,000
8,840,000
1,087,000
Quantity Anzahl
0.10
0.06
0.04
0.06
0.14
0.79
0.75
0.25
0.12
0.21
0.20
0.18
0.04
0.12
0.05
0.12
0.10
0.04
0.09
0.85
0.09
0.60
0.15
0.07
0.85
0.11
0.15
0.12
0.12
0.06
0.43
0.08
0.10
0.23
0.56
0.06
0.20
0.08
0.06
0.85
0.05
0.12
0.17
0.04
0.25
0.23
0.13
0.79
0.14
0.41
0.17
0.05
0.06
0.06
0.15
0.28
0.07
0.07
0.07
0.09
0.10
0.14
0.11
0.05
0.21
1.20
0.55
0.76
0.10
0.60
0.07
8,000
30,000
3,000
1,000
86,710
500
11,000
5,000
5,000
7,000
4,000
7,000
700
77,500
4,000
14,000
1,000
12
600
3,100
1,700
200
5,000
2,000
3,000
12,000
2,000
1,000
2,000
2,000
400
2,000
800
1,500
6,000
1,000
1,000
6,000
9,000
1,000
600
5,000
1,000
38,000
3,800
7,000
5,000
7,000
3,000
1,000
16,600
2,000
200
1,500
6,000
1,000
700
300
1,000
700
19,600
500
1,500
4,000
3,000
9
135
10
5,000
40
5,000
Mitsubishi Materials Corp
Mitsubishi Motor Corp.
Mitsubishi Rayon Co. Ltd
Mitsubishi Tanabe Pharma Corp
Mitsubishi Ufj Financial Group
Mitsubishi Ufj Lease & Finance
Mitsui & Co Ltd
Mitsui Chemicals Inc.
Mitsui Engin.+shipbuil
Mitsui Fudosan Co
Mitsui Mining+smelting
Mitsui O.s.k.lines Ltd Tokyo
Mitsumi Electric Co
Mizuho Financial Group Inc
Mizuho Securities Co Ltd
Mizuho Trust & Banking Co Ltd
Mochida Pharmaceutical
Monex Group Inc
Mori Seiki
Msig Holdings
Murata Manufacturing Co Ltd
Musashino Bank Ltd
Nagoya Railroad Co Ltd
Namco Bandai Hldg
Nanto Bank Ltd
Nec Corp
Ngk Insulators Ltd
Ngk Spark Plug Co Ltd
Nhk Spring Co
Nichirei Corp.
Nidec Corp
Nikon Corp.
Nintendo Co.ltd
Nippon Electric Glass
Nippon Express Co.ltd
Nippon Kayaku Co Ltd
Nippon Meat Packers
Nippon Mining Holdings Inc
Nippon Oil Corp
Nippon Paint Co Ltd
Nippon Paper Group Inc
Nippon Sheet Glass Co.
Nippon Shokubai Co Ltd
Nippon Steel Corp
Nippon Tel&tel
Nippon Yusen K K
Nipponkoa Insurance Co Ltd
Nishi Nippon City Bk
Nishi-nippon Railroad
Nissan Chemical Ind
Nissan Motor Co.ltd
Nissay Dowa General Insurance
Nissha Printing Co Ltd
Nisshin Seifun Group Inc
Nisshin Steel Co Ltd
Nisshinbo Holdings Corp
Nissin Food Products Co.ltd
Nitori Co Ltd
Nitto Denko Corp
Nok Corp
Nomura Holdings Inc
Nomura Real Estate Hdgs Inc
Nomura Research Institute Ltd
Nsk Ltd
Ntn Corp
Ntt Data Corp
Ntt Docomo Inc
Ntt Urban Dev Corp
Obayashi Corp.
Obic Co Ltd Tokyo
Odakyu El.railway
% of Net
Market
Assets
Value JPY
- % des
Marktwert
1,984,000
4,440,000
924,000
1,197,000
41,794,220
1,355,000
12,914,000
1,600,000
1,165,000
10,633,000
920,000
3,724,000
1,356,600
13,795,000
1,308,000
1,330,000
950,000
390,000
647,400
7,672,500
7,242,000
543,000
1,505,000
1,838,000
1,452,000
3,384,000
4,160,000
1,146,000
1,482,000
710,000
2,916,000
3,284,000
18,400,000
1,228,500
2,190,000
795,000
1,154,000
2,652,000
4,536,000
488,000
1,554,000
1,500,000
795,000
12,464,000
15,808,000
2,429,000
2,810,000
1,589,000
1,071,000
1,294,000
10,076,200
918,000
918,000
1,884,000
960,000
955,000
2,415,000
2,295,000
2,750,000
936,600
10,838,800
729,500
3,202,500
2,228,000
1,116,000
2,588,400
19,359,000
824,000
1,965,000
607,600
4,050,000
0.13
0.30
0.06
0.08
2.82
0.09
0.87
0.11
0.08
0.72
0.06
0.25
0.09
0.93
0.09
0.09
0.06
0.03
0.04
0.52
0.49
0.04
0.10
0.12
0.10
0.23
0.28
0.08
0.10
0.05
0.20
0.22
1.24
0.08
0.15
0.05
0.08
0.18
0.31
0.03
0.11
0.10
0.05
0.84
1.07
0.16
0.19
0.11
0.07
0.09
0.68
0.06
0.06
0.13
0.06
0.06
0.16
0.15
0.19
0.06
0.73
0.05
0.22
0.15
0.08
0.17
1.30
0.06
0.13
0.04
0.27
59
Quantity Anzahl
2,000
7,000
1,000
1,400
2,000
700
1,000
200
300
680
14,000
200
100
1,000
18,000
2,000
850
1,000
1,000
3,600
4,000
400
900
200
3,000
1,000
400
500
11,000
2,000
2,000
132
1,400
1,000
1,000
2,000
3,000
4,000
5,500
2,000
6,000
2,000
1,500
200
200
2,000
100
600
4,000
2,400
400
12,000
2,000
2,000
4,000
5,000
1,000
400
4,100
10,800
6,000
7,500
6
400
1,000
800
2,000
10,000
6,600
4,200
1,000
Ogaki Kyoritsu Bk
Oji Paper Co Ltd
Okuma Corp
Olympus Corp
Omron Corp
Ono Pharmaceutical Co
Onward Holdings Co Ltd
Oracle Corp Japan Toky
Oriental Land Co Ltd
Orix Corp
Osaka Gas Co Ltd
Osaka Titanium Technologies Co
Otsuka Corp
Pacific Metals Co Ltd
Panasonic Corp
Panasonic Electric Works Co
Promise Co Ltd
Qp Corp.
Rengo Co Ltd
Resona Holdings Inc
Ricoh Co.ltd
Rinnai Corp.
Rohm Co.ltd
Ryohin Keikaku Co Ltd
Sofetsu Holdings Inc
San-in Godo Bank Ltd
Sankyo
Santen Pharmaceutical
Sanyo Electric Co.ltd
Sapporo Hokuyo Holdings Inc
Sapporo Holdings Ltd
Sbi Holdings Inc
Secom Ltd
Sega Sammy Holding Inc
Seiko Epson Corp
Seino Holdings Co Ltd
Sekisui House Ltd
Seven & I Holdings Co Ltd
Seventy-seven (77) Bank
Sharp Corp.
Shiga Bank Ltd
Shikoku Electric Power Co Inc.
Shima Seiki Mfg Ltd
Shimachu Co Ltd
Shimadzu Corp
Shimamura Corp.
Shimano Inc.
Shimizu Corp
Shin-etsu Chemical Co
Shinko Electric Industries Co
Shinsei Bank Ltd
Shionogi & Co Ltd
Shiseido Co.ltd
Shizuoka Bank Ltd
Showa Denko Kk
Showa Shell Sekiyu Kk
Smc Corp
Softbank
Sojitz Corp
Sompo Japan Insurance Inc
Sony Corp
Jpy 50
Sony Financial Holding Inc
Square Enix Holdings Co Ltd
Stanley Electric Co Ltd
Sumco Corp
Sumitomo Bakelite Co
Sumitomo Chemical Co.ltd
Sumitomo Corp.
Sumitomo Forestry Co.
% of Net
Market
Assets
Value JPY
- % des
Marktwert
618,000
2,835,000
452,000
3,332,000
3,388,000
3,269,000
668,000
800,000
1,896,000
3,726,400
4,410,000
514,000
537,000
681,000
23,814,000
2,146,000
416,500
1,025,000
550,000
4,158,000
5,232,000
1,696,000
5,652,000
930,000
1,185,000
765,000
2,248,000
1,650,000
2,343,000
638,000
916,000
2,344,320
6,328,000
1,168,000
1,346,000
1,554,000
1,566,000
3,240,000
11,825,000
1,024,000
5,988,000
1,126,000
4,110,000
417,000
471,000
1,300,000
881,000
2,328,000
1,412,000
13,248,000
639,600
1,656,000
4,250,000
3,130,000
3,792,000
915,000
981,000
4,416,000
8,089,300
1,846,800
3,624,000
19,912,500
1,547,400
972,000
1,820,000
1,632,000
952,000
3,740,000
6,105,000
4,930,800
755,000
Quantity Anzahl
0.04
0.19
0.03
0.22
0.23
0.22
0.05
0.05
0.13
0.25
0.30
0.03
0.04
0.05
1.60
0.14
0.03
0.07
0.04
0.28
0.35
0.11
0.38
0.06
0.08
0.05
0.15
0.11
0.16
0.04
0.06
0.16
0.43
0.08
0.09
0.10
0.11
0.22
0.80
0.07
0.40
0.08
0.28
0.03
0.03
0.09
0.06
0.16
0.10
0.89
0.04
0.11
0.29
0.21
0.26
0.06
0.07
0.30
0.55
0.12
0.24
1.34
0.10
0.07
0.12
0.11
0.06
0.25
0.41
0.33
0.05
3,000
26,000
5,000
7,500
5,000
4,000
1,000
8,000
2,000
400
3,000
1,600
5,000
7,000
2,000
3,000
1,000
2,000
2,000
500
4,500
680
800
6,000
1,100
1,000
5,000
3,000
1,400
4,000
3,000
1,000
400
4,600
2,000
7,600
1,000
15,000
700
1,000
2,000
7,000
3,000
2,000
4,000
9,000
24,000
4,000
3,000
1,200
1,000
5,000
400
500
1,000
19,500
1,400
1,000
500
1,000
4,000
300
300
800
200
1,000
13
140
1,200
720
2,000
Sumitomo Heavy Industries
Sumitomo Metal Industries
Sumitomo Metal Mining Co.ltd
Sumitomo Mitsui Financial Gr
Sumitomo Osaka Cement Co Ltd
Sumitomo Realty+development
Sumitomo Rubber Ind.
Sumitomo Tr.+banking
Suruga Bank Ltd
Suzuken Co
Suzuki Motor Corp
T&d Holdings Inc Tokyo
Taiheiyo Cement Corp. Tokyo
Taisei Corp.
Taisho Pharmaceutical Co.ltd
Taiyo Nip.sanso Corp
Taiyo Yuden Co Ltd
Takara Holdings Inc
Takashimaya Co Ltd
Takata Corp Tokyo
Takeda Pharmaceutical Co Ltd
Takefuji Corp
Tdk Corp
Teijin Ltd
Terumo Corp.
Thk Co Ltd
Tobu Railway Co.ltd
Toda Corp
Toho Co Ltd .tokyo
Toho Gas Co Ltd
Tohoku Electr.power Jpy 500
Tokai Carbon Ltd
Tokai Rika Co Ltd
Tokio Marine Holdings Inc
Tokuyama
Tokyo Electric Power Jpy 500
Tokyo Electron Co Ltd
Tokyo Gas Co.ltd
Tokyo Steel Mfg
Tokyo Style Co Ltd
Tokyo Tatemono Co Ltd
Tokyu Corp
Tokyu Land Corp.
Tonengeneral Sekiyu Kk Tokyo
Toppan Printing Co.ltd
Toray Industries Inc.
Toshiba Corp
Tosoh Corp
Toto Ltd
Toyo Seikan Kaisha Ltd
Toyo Suisan Kaisha
Toyobo Co Ltd
Toyoda Gosei Co Ltd
Toyota Boshoku Corp.
Toyota Industries Corp
Toyota Motor Corp.
Toyota Tsusho Corp.
Trend Micro Inc..tokyo
Tsumura & Co
U N Y Co Ltd
Ube Industries Ltd
Ulvac Inc
Uni-charm Corp.
Ushio Inc
Uss Co Ltd Tokai
Wacoal Holdings Corp
West Japan Railway Co
Yahoo Japan Corp Tokyo
Yakult Honsha
Yamada Denki Co Ltd
Yamaguchi Financial Group Inc
% of Net
Market
Assets
Value JPY
- % des
Marktwert
1,314,000
5,746,000
7,370,000
23,475,000
850,000
6,572,000
847,000
3,816,000
1,698,000
1,240,000
6,285,000
3,888,000
600,000
1,246,000
3,630,000
3,207,000
1,059,000
1,242,000
1,436,000
820,500
16,830,000
214,880
4,152,000
1,680,000
5,434,000
1,758,000
2,740,000
951,000
2,129,400
1,640,000
6,000,000
424,000
644,400
11,960,000
1,316,000
17,898,000
5,730,000
5,595,000
770,000
774,000
878,000
3,010,000
1,077,000
1,754,000
3,400,000
4,896,000
11,304,000
908,000
1,686,000
2,072,400
2,430,000
770,000
1,050,000
885,500
2,465,000
69,615,000
1,895,600
3,350,000
1,620,000
672,000
944,000
709,500
2,556,000
1,252,000
1,070,000
1,172,000
4,420,000
4,270,000
2,874,000
4,377,600
1,862,000
0.09
0.39
0.50
1.58
0.06
0.44
0.06
0.26
0.11
0.08
0.42
0.26
0.04
0.08
0.24
0.22
0.07
0.08
0.10
0.06
1.13
0.01
0.28
0.11
0.37
0.12
0.18
0.06
0.14
0.11
0.40
0.03
0.04
0.81
0.09
1.21
0.39
0.38
0.05
0.05
0.06
0.20
0.07
0.12
0.23
0.33
0.76
0.06
0.11
0.14
0.16
0.05
0.07
0.06
0.17
4.69
0.13
0.23
0.11
0.05
0.06
0.05
0.17
0.08
0.07
0.08
0.30
0.29
0.19
0.30
0.13
60
Quantity Anzahl
1,300
1,000
400
3,000
400
1,000
1,000
2,000
2,000
1,000
Yamaha Corp.
Yamaha Motor Co Ltd
Yamatake Corp
Yamato Holdings Co Ltd
Yamato Kogyo Co Ltd
Yamazaki Baking Co
Yaskawa Electric Corp.
Yokogawa Electric Corp
Yokohama Rubber Co Ltd
Zeon Corp
% of Net
Market
Assets
Value JPY
- % des
Marktwert
1,380,600
1,107,000
808,000
4,425,000
1,012,000
1,216,000
648,000
1,590,000
882,000
411,000
0.09
0.07
0.05
0.30
0.07
0.08
0.04
0.11
0.06
0.03
TOTAL INVESTMENT PORTFOLIO - 1,434,457,821
96.64
OTHER NET ASSETS
TOTAL NET ASSETS
49,813,704
3.36
1,484,271,525
100.00
61
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
16.09
13.37
10.32
5.50
5.30
4.58
4.32
4.30
Chemicals - Chemie
4.12
3.33
3.22
Elektronik
2.63
2.62
2.24
1.76
1.72
1.43
1.41
1.24
1.09
0.83
0.79
0.78
0.74
Petrol - Treibstoff
0.74
0.63
0.44
0.30
0.27
0.22
0.18
Leisure - Freizeit
0.13
OTHER NET ASSETS
TOTAL NET ASSETS
96.64
3.36
100.00
62
Quantity Anzahl
Shares Aktien
Market
Value GBP
Marktwert
GBP
12,007
14,821
45,269
78,800
36,219
52,090
10,510
4,340
308,283
9,383
13,085
17,479
103,430
53,629
5,465
2,067
25,320
8,388
5,927
17,055
8,271
2,772
12,760
1,700
1,900
9,409
203,241
17,995
1,562
3,853
3,623
9,115
1,928
5,922
1,499
44,440
8,014
7,702
74,187
5,300
5,660
2,000
14,097
1,217
4,833
4,429
14,073
200
10,280
4,866
3,500
8,173
3,703
46,414
3,692
8,750
4,355
600
369
13,811
100,408
2,300
70,540
5,370
3,932
5,000
13,563
148,349
0.01
6,825
Aquarius Platinum
Catlin Group Ltd
Hiscox Ltd
Lancashire Holdings
Namakwa Diamonds Ltd
0.03
0.02
10,830
3i Group Plc
A G Barr
Aberdeen Asset Management Plc
Admiral Group Plc
Aegis Group Plc
Aga Rangemaster Group Plc
Aggreko
Alliance Trust Plc
Amec Plc
Amlin Plc
Anglo American Plc
Anglo Eastern Plantations Inc
Anglo Pacific Group Plc
Anite
Antisoma Plc
Antofagasta Plc
Ark Therapeutics Group Plc Ldn
Arm Holdings Plc
Arriva Plc
Ashmore Group Plc
Ashtead Group Plc
Ass.british Foods Plc
Astrazeneca Plc
Autonomy Corporation Plc
Aveva Group Plc
Avis Europe
Aviva Plc
Axis-shield Plc
Babcock International Group
Bae Systems Plc
Balfour Beatty Plc
Barclays Plc
Barratt Devel.plc
Bba Aviation Plc
Bellway Plc
Berkeley Group Hld Plc
Bg Group Plc
Bhp Billiton Plc
Big Yellow Group
Bloomsbury Publishing Plc
Bluebay Asset Management /new
Bodycote Plc
Bovis Homes Group Plc
Bp Plc
0.08
0.09
0.08
0.06
0.01
0.03
16,233
Gibraltar - Gibraltar
4,020 Partygaming Plc
0.01
0.32
48,059
55,004
49,971
39,254
4,388
Finland - Finnland
4,200 Talvivaara Mining
39,693
1,200
40,293
7,910
46,491
2,566
11,002
28,650
13,220
21,002
52,862
1,010
9,132
15,876
32,800
15,645
7,400
49,213
8,039
10,900
20,975
15,586
57,679
9,117
3,400
17,270
108,921
1,560
9,021
139,738
20,709
434,673
12,714
14,500
4,155
5,218
133,314
87,482
5,400
2,700
7,300
6,700
4,862
743,459
Quantity Anzahl
13,000 Intl Ferro Metals Ltd
17,024
15,635
14,302
7,750
13,100
% of Net
Assets
- % des
Fondsvermögens
0.02
93.59
115,110
9,840
62,212
90,807
52,628
3,592
77,564
89,216
99,745
80,396
1,082,614
3,454
18,629
5,398
11,644
118,198
3,145
71,359
40,066
27,566
17,934
132,325
1,634,046
150,430
30,991
6,145
489,055
6,404
51,420
486,987
66,890
1,623,286
31,734
23,084
34,383
46,466
1,454,456
1,502,503
20,920
3,240
21,791
11,444
22,608
4,135,862
0.18
0.02
0.10
0.15
0.08
0.01
0.12
0.14
0.16
0.13
1.74
0.01
0.03
0.01
0.02
0.19
0.01
0.11
0.06
0.04
0.03
0.21
2.63
0.24
0.05
0.01
0.79
0.01
0.08
0.78
0.11
2.61
0.05
0.04
0.06
0.07
2.34
2.41
0.03
0.01
0.04
0.02
0.04
6.65
Brewin Dolphin Hldgs/gbp 0.01
Brit Insurance Hld Plc
British Airways Plc
British American Tobacco (25p)
British Land
British Sky Broadcasting Group
Britvic Plc
Bss Group Plc
Bt Group Plc
Btg Plc
Bunzl Plc
Burberry Group Plc
Cable & Wireless Plc /gbp 0.25
Cadbury Plc
Cairn Energy Plc
Caledonia Investments Plc
Capita Grp
Capital & Regional Plc
Care Uk Plc
Carillion Plc
Carnival Plc
Carpetright
Carphone Warehouse Group
Carter & Carter Group Plc
Castings Plc
Centaur Media Plc
Centrica Plc
Chaucer Holdings Plc
Chemring Group Plc
Chesnara Plc
Chime Communications Plc
Chloride Group Plc
Chrysalis Plc
Close Brothers Group Plc
Cls Holdings Plc
Cobham Plc
Collins Stewart Plc
Communisis Plc
Compass Group Plc
Computacenter Plc
Connaught Plc
Consort Medical Plc
Cookson Grp
Cranswick Plc
Croda Intl Plc
Csr Plc
D S Smith Plc
Daejan Holdings Plc
Daily Mail & General Tr A
Dairy Crest Group Plc
Dana Petroleum Plc
Davis Service Group
De La Rue Plc
Debenhams Plc
Dechra Pharmaceuticals Plc
Delta Plc
Derwent London Plc
Development Securities
Devlpmt Secs /ranking For Dvd
Devro Plc
Diageo Plc
Dignity Plc
Dimension Data Holding Ltd
Diploma Plc
Domino Print Serv.
Domino S Pizza Uk & Irl Plc
Drax Group Plc
Dsg International Plc
Market
Value GBP
Marktwert
GBP
% of Net
Assets
- % des
Fondsvermögens
20,328
30,087
100,271
1,551,572
172,076
299,778
37,310
12,508
409,708
17,227
83,024
87,482
150,077
429,032
152,583
34,705
183,570
2,789
22,226
46,697
179,398
22,855
24,691
1,403
3,572
3,952
519,484
8,868
37,832
6,435
6,594
16,708
1,803
46,754
7,945
96,568
6,111
1,463
283,320
17,426
23,127
8,595
58,742
8,361
31,801
20,945
15,128
5,630
47,185
19,235
49,665
33,199
33,271
36,157
15,562
15,750
53,828
2,010
1,236
18,161
968,435
13,340
45,181
8,968
11,796
14,430
64,356
39,936
0.03
0.05
0.16
2.49
0.28
0.48
0.06
0.02
0.66
0.03
0.13
0.14
0.24
0.69
0.25
0.06
0.29
0.00
0.04
0.07
0.29
0.04
0.04
0.00
0.01
0.01
0.83
0.01
0.06
0.01
0.01
0.03
0.00
0.08
0.01
0.16
0.01
0.00
0.46
0.03
0.04
0.01
0.09
0.01
0.05
0.03
0.02
0.01
0.08
0.03
0.08
0.05
0.05
0.06
0.03
0.03
0.09
0.00
0.00
0.03
1.56
0.02
0.07
0.01
0.02
0.02
0.10
0.06
63
Quantity Anzahl
3,500
2,263
6,900
12,699
2,560
15,558
15,210
3,000
19,466
16,300
8,533
40,393
16,870
9,300
7,000
1,459
1,227
8,200
11,924
1,500
20,020
1,665
58,258
9,100
96,704
1,300
16,370
58,628
25,663
13,934
2,158
64,798
207,316
1,380
3,540
10,968
8,278
4,360
7,600
15,869
29,460
10,000
5,400
56,700
3,630
4,060
9,728
6,685
2,851
14,300
3,318
6,500
34,981
2,708
678,869
5,094
20,217
14,823
9,400
13,004
8,200
40,533
218,000
18,210
11,408
19,885
9,265
62,471
4,380
6,200
31,740
Market
Value GBP
Marktwert
GBP
% of Net
Assets
- % des
Fondsvermögens
Dunelm Group Plc
E2v Technologies Plc
Eaga Plc
Easyjet Plc
Edinburgh Us Tracker Trust Plc
Electrocomponents
Elementis Plc
Emerald Energy Plc
Entreprise Inns Plc
Eurasian Natural Res Corp Plc
Evolution Group Plc
Experian Plc
F&c Asset Management Plc
Fenner
Ferrexpo Plc
Fidelity Special Values Plc
Fidessa Group Plc
Filtrona Plc Milton Keynes
Findel Plc
Finsbury Worldwide Pharmac.plc
Firstgroup Plc
Forth Ports Plc
Fortune Oil
Fresnillo Plc
Friends Provident Ord Npv New
Fuller Smith & Turner A
Future Plc
G4s Plc
Galiform Plc
Galliford Try Plc
Genus Plc Hampshire
Gkn Plc
Glaxosmithkline Plc
Goldshield Group Plc
Grainger Plc
Great Portland Est
Greene King Plc
Greggs Plc
H. Brammer Plc
Halma Plc
Hammerson
Hampson Industries Plc
Hargreaves Lansdown Plc
Hays Plc
Headlam Group Plc
Helical Bar Plc
Helphire Group London
Hikma Pharmaceuticals Plc
Hill & Smith Holdings
Hmv Group Plc
Hochschild Mining Plc
Holidaybreak Plc
Home Retail Group Plc
Homeserve
Hsbc Holdings Plc
Hunting Plc
Icap Plc
Ig Group Holdings Plc
Imagination Technologies Group
Imi Plc
Impax Environmental Mkts Plc
Imperial Tobacco Group Plc
Inchcape Plc
Inmarsat Plc
Intercont Hotels Group Inc
Intermediate Capital Group
International Personal Fi. Plc
International Power Plc
Interserve Plc
Intertek Group Plc
Invensys Plc
10,952
1,545
9,929
47,913
13,312
23,959
8,442
22,380
25,111
142,706
11,767
210,851
13,074
13,857
10,360
8,141
14,405
14,137
4,591
9,033
82,482
20,646
4,835
70,161
80,796
6,656
3,315
129,861
20,274
7,942
15,009
75,295
2,563,462
6,472
10,631
29,164
34,999
17,444
13,072
35,975
117,162
7,125
15,374
59,081
10,899
15,481
4,159
30,878
8,838
15,001
10,445
19,744
96,548
44,953
4,887,178
27,635
84,891
49,361
16,083
58,921
9,561
722,298
62,195
100,519
93,831
60,808
14,852
182,415
10,035
78,492
93,538
0.02
0.00
0.02
0.08
0.02
0.04
0.01
0.04
0.04
0.23
0.02
0.34
0.02
0.02
0.02
0.01
0.02
0.02
0.01
0.01
0.13
0.03
0.01
0.11
0.13
0.01
0.01
0.21
0.03
0.01
0.02
0.12
4.12
0.01
0.02
0.05
0.06
0.03
0.02
0.06
0.19
0.01
0.02
0.09
0.02
0.02
0.01
0.05
0.01
0.02
0.02
0.03
0.16
0.07
7.85
0.04
0.14
0.08
0.03
0.09
0.02
1.16
0.10
0.16
0.15
0.10
0.02
0.29
0.02
0.13
0.15
Quantity Anzahl
19,120
13,735
6,405
170,843
5,489
69,244
1,900
5,717
7,400
1,600
9,040
24,299
8,256
18,500
2,400
19,907
1,410
93,384
4,457
24,956
7,234
30,138
237,068
22,183
604,966
62,888
7,774
12,683
19,100
8,147
4,073
68,312
63,296
5,069
28,610
6,300
3,021
236
30,985
21,177
2,240
12,794
8,286
6,842
22,196
16,168
11,923
4,786
18,046
9,200
9,826
1,216
3,200
4,100
8,839
7,496
97,581
7,879
19,934
8,000
6,032
14,772
3,841
221,540
21,700
3,935
12,250
21,573
1,863
32,797
43,152
Market
Value GBP
Marktwert
GBP
% of Net
Assets
- % des
Fondsvermögens
Investec Plc
Ip Group Plc
Ite Group Plc
Itv Plc
J D Wetherspoon Plc
J.sainsbury Plc
James Fisher & Sons Plac
Jardine Lloyd Thompson Gr.plc
Jkx Oil & Gas Plc
John Menzies Plc
Johnson Matthey Plc
Johnston Press Plc
Kazakhmys Limited
Kcom Group Plc
Keller Group
Kesa Electricals
Kier Group Plc
Kingfisher Plc
Kofax Plc
Ladbrokes Plc
Laird Plc
Land Securities Group Plc
Legal & General Group Plc
Liberty International Plc
Lloyds Banking Group
Logica
Lonmin
Lookers Plc
Low & Bonar Plc
Lse Group
Luminar Group Holdings Plc
Man Group Plc
Marks And Spencer /new
Marshalls Plc
Marston S Plc
Mcbride Plc
Mears Group Plc
Mecom Group
Meggitt Plc
Melrose Plc
Melrose Resources Plc
Michael Page Intl Plc
Micro Focus Intl Plc
Millennium & Copthorne Hotels
Misys Plc
Mitchells & Butlers Plc
Mitie Group Plc
Modwen Propert.plc.st.
Mondi Plc
Moneysupermarket.com
Morgan Crucible Co Plc
Morgan Sindall Plc
Mothercare Plc
Mouchel Group Plc
N Brown Group Plc
National Express Group Plc
National Grid Plc
Next Plc
Northern Foods Plc
Northern Rock Plc
Northgate Plc
Northumbrian Water Group Plc
Novae Group Plc
Old Mutual Plc
Oxford Biomedica Ltd
Oxford Instruments Plc
Pace Plc
Paragon Group Of Companies Plc
Paypoint Plc
Pearson Plc
Pendragon Plc
87,761
7,829
8,006
79,442
26,786
226,220
9,386
27,933
20,254
5,392
126,650
9,294
89,165
6,845
17,532
28,786
16,624
198,348
6,908
46,892
15,228
188,757
204,708
108,941
637,937
83,641
131,381
7,673
6,685
69,820
3,829
223,380
232,613
6,248
28,052
11,813
8,768
408
72,009
39,537
7,802
42,284
29,415
25,315
46,634
43,848
29,831
10,769
56,863
7,415
17,097
8,099
18,096
9,553
21,382
35,831
593,292
143,634
14,024
7,200
14,326
36,177
12,685
222,205
2,279
7,870
28,310
32,295
8,404
253,521
16,721
0.14
0.01
0.01
0.13
0.04
0.36
0.02
0.04
0.03
0.01
0.20
0.01
0.14
0.01
0.03
0.05
0.03
0.32
0.01
0.08
0.02
0.30
0.33
0.18
1.03
0.13
0.21
0.01
0.01
0.11
0.01
0.36
0.37
0.01
0.05
0.02
0.01
0.00
0.12
0.06
0.01
0.07
0.05
0.04
0.07
0.07
0.05
0.02
0.09
0.01
0.03
0.01
0.03
0.02
0.03
0.06
0.95
0.23
0.02
0.01
0.02
0.06
0.02
0.36
0.00
0.01
0.05
0.05
0.01
0.41
0.03
64
Quantity Anzahl
15,214
11,972
6,906
11,009
14,153
98,126
4,766
10,000
5,282
99,241
5,855
25,500
8,100
7,900
27,800
4,750
10,892
1,543
19,200
28,087
5,869
44,957
2,574
1,100
71,824
8,221
34,902
2,070
4,855
60,188
6,726
7,374
3,893
1,400
10,000
72,937
3,164
670,280
107,772
138,995
5,874
7,658
134,972
46,242
5,200
51,571
6,456
4,800
3,190
6,760
3,163
36,709
4,940
2,736
32,007
14,149
19,201
3,936
9,394
9,718
18,285
29,036
35,390
16,192
6,781
2,933
7,000
4,793
19,000
12,600
2,848
Pennon Group Plc
Persimmon Plc
Petropavlovsk Plc
Petrofac Ltd
Premier Farnell Plc
Premier Foods Plc
Premier Oil Plc
Prostrakan Group
Provident Financial
Prudential Plc
Psion Plc
Punch Taverns Ltd
Pv Crystalox Solar
Pz Cussons Plc
Qinetic Group Plc
Quintain Est & Dev Plc
Rank Group Plc
Rathbone Brothers Plc
Real Estate Opportunities Ltd
Reckitt Benckiser Group Plc
Redrow Plc
Reed Elsevier Plc
Renishaw Plc
Renovo Group Sa
Rentokil Initial Plc
Restaurant Group Plc
Rexam Plc
Ricardo Plc
Rightmove Plc
Rio Tinto Plc /reg.
Rit Capital Partners Plc
Rm Plc
Robert Walters Plc
Robert Wiseman Dairies
Rok Plc
Rolls-royce Group Plc
Rotork
Royal Bk Of Scotland Plc
Royal Dutch Shell /-bRoyal Dutch Shell Plc/-aRpc Group Plc
Rps Group Plc
Rsa Insurance Group Plc
Sabmiller Plc
Safestore Holdings Plc
Sage Group Plc
Salamander Energy Plc
Savills Plc
Schroders / Non-voting
Schroders Plc
Scott Wilson Group Plc
Scottish & Southern Energy Plc
Scottish Amer.inv.co Gbp0.25
Sdl Plc
Segro Plc /reit
Senior Plc
Serco Group Plc
Severfield-rowen Plc
Severn Trent Plc
Shaftesbury Plc /reit
Shanks Group Plc
Sig Plc
Smith And Nephew Plc
Smiths Group Plc
Smiths New Plc
Soco Intl Plc
Southern Cross Healthcare Grp
Spectris Plc
Speedy Hire Plc
Spice Plc /ipo
Spirax-sarco Engineering Plc
Market
Value GBP
Marktwert
GBP
% of Net
Assets
- % des
Fondsvermögens
72,449
55,430
62,603
108,824
21,456
41,929
57,621
12,150
48,357
600,904
6,441
31,722
6,144
19,703
39,142
10,224
9,705
13,902
4,128
855,249
12,736
210,219
14,440
292
82,238
15,867
90,396
5,491
27,067
1,622,067
66,251
11,577
7,893
5,916
5,300
344,919
35,563
354,578
1,886,010
2,498,435
14,171
17,391
183,022
707,503
7,878
121,192
14,616
15,941
29,332
74,563
3,353
429,495
8,596
9,774
117,242
8,525
96,965
6,977
90,511
35,111
18,230
40,273
198,361
142,247
7,951
41,942
9,345
33,431
8,360
10,269
29,790
0.12
0.09
0.10
0.17
0.03
0.07
0.09
0.02
0.08
0.97
0.01
0.05
0.01
0.03
0.06
0.02
0.02
0.02
0.01
1.37
0.02
0.34
0.02
0.00
0.13
0.03
0.15
0.01
0.04
2.61
0.11
0.02
0.01
0.01
0.01
0.55
0.06
0.57
3.03
4.01
0.02
0.03
0.29
1.14
0.01
0.19
0.02
0.03
0.05
0.12
0.01
0.69
0.01
0.02
0.19
0.01
0.16
0.01
0.15
0.06
0.03
0.06
0.32
0.23
0.01
0.07
0.02
0.05
0.01
0.02
0.05
Quantity Anzahl
33,430
12,400
8,002
3,912
5,900
31,198
79,395
86,648
3,800
2,300
19,085
132,324
1,000
3,200
1,888
313,774
14,158
1,790
3,445
34,110
5,296
35,333
4,730
1,500
8,059
10,292
5,789
22,288
8,014
31,973
5,275
2,507
2,940
51,264
6,079
26,917
3,106
20,000
5,400
2,939
2,078,039
7,517
9,018
4,300
6,145
6,883
123,200
28,100
4,422
103,594
7,302
11,388
14,943
70,992
3,725
3,800
6,700
87,177
45,619
6,011
Market
Value GBP
Marktwert
GBP
% of Net
Assets
- % des
Fondsvermögens
Spirent Communication Plc*opr*
Sports Direct International
Ssl International Plc
St.ives Plc
St.james S Place Plc
Stagecoach Group Plc
Standard Life Plc
Sthree Plc
Synergy Health Plc
Tate + Lyle Plc
Taylor Wimpey Plc
Ted Baker Plc London
Telecity Group Plc
Telecom Plus Plc
Tesco Plc
The Game Group Plc
The Go-ahead Group Plc
The Vitec Group Plc
Thomas Cook Gp
Thorntons
Tomkins Plc
Topps Tiles Plc
Town Centre Securities Plc
Travis Perkins Plc
Trinity Mirror Plc
Tt Electronics Plc
Tui Travel Plc
Tullet Prebon Plc
Tullow Oil Plc
Uk Coal Plc
Ultra Electronics Hldgs Plc
Umeco Plc
Unilever Plc
Unite Group Plc
United Utilities Group Plc
Utv Media Plc
Vectura Group Plc
Vedanta Resources Plc
Victrex Plc
Vodafone Group Plc
Vt Group Plc
Weir Group Plc
Wellstream Hold Tpa
Wh Smith Plc
Whitbread Plc
Wichford Plc
William Hill Plc
Wincanton Plc
Wm Morrison Supermarkets Plc
Wolfson Microelectronics Plc
Wolseley Plc
Wood Group (john) Plc
Workspace Group Plc
Ws Atkins Plc
Wsp Group Plc
Xchanging Plc
Xstrata Plc
Yell Group Plc
Yule Catto+co Plc
29,201
12,561
49,572
2,738
15,594
50,135
1,217,919
190,712
9,983
15,100
80,462
56,621
4,200
10,483
6,037
1,249,762
22,709
25,078
12,919
78,862
6,355
67,557
4,494
2,670
67,897
17,568
3,777
58,573
31,583
367,050
5,987
33,293
8,078
907,373
16,611
123,226
2,951
17,320
103,950
22,336
2,921,723
42,246
62,224
27,907
27,708
83,697
13,552
49,456
10,480
286,748
10,241
171,503
46,039
15,441
23,821
13,053
14,975
818,592
28,101
8,115
0.05
0.02
0.08
0.00
0.03
0.08
1.96
0.31
0.02
0.02
0.13
0.09
0.01
0.02
0.01
2.01
0.04
0.04
0.02
0.13
0.01
0.11
0.01
0.00
0.11
0.03
0.01
0.09
0.05
0.59
0.01
0.05
0.01
1.46
0.03
0.20
0.00
0.03
0.17
0.04
4.69
0.07
0.10
0.04
0.04
0.13
0.02
0.08
0.02
0.46
0.02
0.28
0.07
0.02
0.04
0.02
0.02
1.32
0.05
0.01
Guernsey - Guernsey
8,500 Central Rand Gold Ltd
0.00
1,445
Isle of Man - DE-Ile de Man
3,303 Hardy Oil & Gas Plc
15,342
Israel - Israel
8,350 Batm Advanced Communicat.ltd
0.00
0.02
0.02
0.01
3,925
0.01
65
Quantity Anzahl
Market
Value GBP
Marktwert
GBP
Jersey - Jersey
27,900
21,527
6,600
36,172
8,500
28,613
22,306
9,963
51,292
3i Infrastructure Plc
Beazley Plc
Charter International Plc
Henderson Group Plc
Heritage Oil Plc
Regus Plc
Shire Plc
United Business Media Ltd
Wpp Plc
Options,
Warrants,
Rights Options scheine
0.03
0.23
144,644
Virgin Islands - Virgin Inseln
7,043 Gem Diamonds Ltd
1,000
2,000
1,500
5,000
3,970
4,800
5,650
3,050
1,000
5,070
5,910
10,200
2,400
4,338
1,000
9,195
3,000
4,955
11,987
12,630
2,130
13,296
4,110
5,300
3,522
8,297
9,353
0.05
0.04
0.07
0.08
0.07
0.05
0.39
0.07
0.44
0.03
18,988
South Africa - Südafrika
3,271 Randgold Resources Ltd
Quantity Anzahl
1.26
28,709
25,423
45,771
47,494
41,778
28,842
242,689
46,587
277,490
15,667 Colt Telecom Group Sa
% of Net
Assets
- % des
Fondsvermögens
0.23
0.03
16,833
0.03
300 Fins W/wide Phar31.7.14cw/fins
960 Jpm Em 31.7.14 Cw/jpm Em Mkts
9,300
3,000
1,000
800
8,500
21,671
11,100
13,600
7,000
13,000
12,000
11,900
0.00
0.00
Investment
5,350
1,500
4,400
1,000
4,440
2,000
7,730
5,743
14,910
772
153
11,190
8,750
8,800
8,600
7,580
4,200
1,397
2,540
2,482
3,250
29,770
2,100
3,056
250
3,242
3,500
5,200
24,281
4,600
11,620
Aberforth Smaller Cos Trust
Advance Developing Mkt Trust
Bankers Invest.trust Gbp0.25
Baring Emerging Europe
Blackro Great.eur.inv.trust
Blackrock Smaller Co Trust Plc
Blackrock Wld Mining Trust Plc
Brit.empire Secur.and.gral.tr.
British Assets Trust Plc
Candover Investments Plc
City Merchants High Yld Trust
City Of London Investment
Dunedin Income Grth Invest.tr.
Ecofin Water & Power Opport.
Edinburgh Dragon Trust Plc
Edinburgh Investment Trust Plc
Edinburgh Uk Tracker Trust
Electra Private Equity Plc
Electric & General Invest.tr.
Fidelity European Values Plc
Foreign & Colonial Eurotr.plc
Foreign & Colonial Invest.tr.
Gartmore European Inv.trust
Graphite Enterprise Trust Plc
Hansa Trust Plc
Henderson Smaller Cies Inv.
Henderson Tr Pacific Inv.trust
Herald Invest Trust Plc
Invista Foundation Prop.trust
Jp Morgan Indian Investment
Jp Morgan Japanese Inves.trust
1.66
30,174
5,709
16,172
7,070
7,726
5,700
38,464
24,933
16,476
4,555
234
26,347
15,890
13,112
15,712
27,136
9,702
17,320
9,322
28,469
17,810
77,551
12,936
10,207
1,887
6,516
5,364
16,328
10,216
16,882
17,790
Jp Morgan Mid Cap Investm.trst
Jpmorg. Euro.fledgling Inv.tr.
Jpmorgan American Invest.trust
Jpmorgan Asian Investm. Trust
Jpmorgan Claverhouse Inv.tr.
Jpmorgan Emerg.mark.inv.tr.
Jpmorgan Europ.inv./growth Cl.
Law Debenture Corp Plc
Lowland Investment Co
Martin Currie Ptf Inv Trust
Merchants Trust Plc
Monks Investment Trust Plc
Murray Income Trust Plc
Murray International Trust Plc
Pantheon Intl Particip.plc
Perpetual Inc&gwth Invest Tr.
Schroder Asiapacific Fd Plc
Scottish Investment Trust Plc
Scottish Mortgage Invest.trust
Svg Capital Plc
Temple Bar Investment Trust
Templeton Emerging Markets Inv
The Mercantile Inv. Trust Plc
The Polar Capital Technolo.tr
Tr European Growth Trust Plc
Tr Property Investment Trust
Witan Investment Trust Plc
3,869
14,189
10,140
9,195
15,999
21,989
9,888
8,586
6,160
5,704
20,064
28,978
12,792
33,008
3,930
19,024
4,927
21,039
60,953
15,787
15,822
62,092
38,285
12,226
13,458
13,259
39,096
Guernsey - Guernsey
0.00
180
499
Description Wertpapierbezeichnung
% of Net
Market
Assets
Value GBP
- % des
Marktwert
0.05
0.01
0.03
0.01
0.01
0.01
0.06
0.04
0.03
0.01
0.00
0.04
0.03
0.02
0.02
0.04
0.02
0.03
0.01
0.05
0.03
0.12
0.02
0.02
0.00
0.01
0.01
0.03
0.02
0.03
0.03
Absolute Return Trust/cap
Alternative Inv.strat.sterl.h.
Bh Global Limited Npv Gbp
Bh Macro Ltd /-gbp ClassBluecrest Allblue Fund Ltd/gbp
Dexion Alsolute Ltd
Gs Dynamic Opps Ltd /gbp
Hsbc Infrastucture Cos
Ing Uk Real Estate Income Tr
International Public Partnerships Ltd
Stobart Group Ltd
Uk Commercial Prop Reit
0.23
10,997
3,121
10,720
13,008
12,567
28,493
8,825
15,663
3,063
13,962
13,680
8,437
Jersey - Jersey
8,600 Assura Group Limited
1,500 Jpmorgan Russian Securities
Shares Aktien
0.02
0.01
0.02
0.02
0.02
0.05
0.01
0.03
0.00
0.02
0.02
0.01
0.02
2,773
6,345
0.01
0.01
Transferable securities and money market instruments dealt
on other regulated markets - An einem anderen geregelten
Marktgehandelte Wertpapiere
8,886 Halfords Group Plc
Shares Aktien
0.01
0.02
0.02
0.01
0.03
0.03
0.02
0.01
0.01
0.01
0.03
0.05
0.02
0.05
0.01
0.03
0.01
0.03
0.10
0.02
0.02
0.10
0.06
0.02
0.02
0.02
0.06
0.05
31,172
0.05
3,700 D.f.s.furniture Entitlem.units
17,226 Rlm Finance Ltd
0.00
0.00
0.00
Jersey - Jersey
24,169 Informa Plc
0.00
0.00
0.12
77,099
0.12
66
% of Net
Market
Assets
Value GBP
- % des
Marktwert
Quantity Anzahl
Investment
funds Anlagefonds
Guernsey - Guernsey
9,800 Thames River Multi Hedge Gbp
Options,
Warrants,
Rights Options scheine
0.02
11,833
0.02
2,901 Rights Uk Coal Plc 08.10.09
0.00
1,117
Guernsey - Guernsey
0.00
0.01
5,000 F&C Commercial Property Trust
Rights
4,225
0.01
60,772,850
97.66
1,458,939
2.34
62,231,789
100.00
OTHER NET ASSETS
TOTAL NET ASSETS
67
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
Petrol - Treibstoff
17.40
14.51
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
0.07
0.06
0.05
0.03
6.94
6.44
6.40
4.63
Kommunalanleihen
0.03
4.16
0.02
3.66
0.02
3.48
0.02
2.94
0.02
2.75
0.01
2.68
2.61
2.55
2.49
2.04
1.49
1.46
1.44
Leisure - Freizeit
1.38
0.95
0.85
0.82
0.76
0.75
0.50
Healthcare, education and social services - Gesundheit
Bildung und soziale Einri
0.38
0.19
0.16
0.15
0.13
0.13
Chemicals - Chemie
0.11
OTHER NET ASSETS
TOTAL NET ASSETS
97.66
2.34
100.00
68
Quantity Anzahl
Shares Aktien
% of Net
Market
Assets
Value USD
- % des
Marktwert
Quantity Anzahl
121
314
364
1,829
1,491
388
36,386
5,164
473
2,445
2,559
979
951
450
1,320
350
1,110
1,305
300
1,168
713
3,179
528
5,970
8,483
1,943
395
1,167
746
347
921
938
1,921
1,613
806
2,666
991
3,190
1,919
1,223
1,220
290
231
3,683
2,348
8,500
1,549
1,301
637
551
24,233
54,982
765
577
290
862
1,573
1,114
9,728
1,226
2,107
12,670
495
1,759
616
1,200
2,037
6,325
868
1,452 Invesco Ltd
1,246 Nabors Industries Ltd
0.14
32,089
25,755
1,584 Xl Capital Ltd -a-
0.07
27,482
Netherlands Antilles - Niederländische
Antillen
5,026 Schlumberger Ltd
303,671
61,506
3m Co
Abbott Laboratories Inc
Abercrombie & Fitch A
Adobe Systems Inc
Advanced Micro Devices Inc
Aes Corp.
Aetna Inc
Affiliated Computer Serv.
Aflac Inc.
Agilent Technologies
Aig
Air Products & Chemicals
Airgas Inc.
Ak Steel Holding
Akamai Technologies Inc
Alcoa Inc
Allegheny Energy Inc
Allegheny Technologies/when Iss
Allergan Inc.
Allstate Corp
Altera Corp
Altria Group
Amazon Com Inc
Ameren Corp
American Electric Power Co.inc
American Express Co.
American Tower Corp A
Ameriprise Financial Inc/wh.i
Amerisourcebergen Corp
Amgen Inc.
Amphenol Corporation -aAnadarko Petrol.corp.
Analog Devices Inc
Aon Corp
Apache Corp.
Apollo Group Inc. A
Apple Inc
Applied Materials Inc
Archer-daniels Midland Co.
Assurant Inc
At & T
Autodesk Inc.
Automatic Data Proces
Autonation Inc
0.15
0.00
16
2,953
6,593
391
2,288
2,985
2,848
1,814
411
1,900
1,690
545
902
300
500
594
3,531
754
408
1,170
2,335
1,321
8,669
1,294
846
1,835
5,064
1,505
1,095
1,226
4,302
710
2,133
1,240
1,037
1,476
424
3,794
5,762
2,704
394
25,033
964
2,058
871
0.75
0.15
Spain - Spanien
1 Banco Santander Sa/sadr
0.07
0.75
Panama - Panama
1,836 Carnival Corp
0.08
0.06
0.00
96.14
218,345
323,716
13,009
74,772
17,253
43,404
51,245
22,737
81,377
47,151
24,645
70,455
14,604
10,095
12,028
46,998
20,313
14,419
66,690
72,245
26,896
155,175
118,686
21,844
56,977
172,125
54,767
35,412
26,947
260,099
26,589
134,806
33,827
42,766
135,098
30,787
703,332
76,519
76,253
12,667
680,898
23,329
81,023
15,669
0.54
0.80
0.03
0.18
0.04
0.11
0.13
0.06
0.20
0.12
0.06
0.17
0.04
0.02
0.03
0.12
0.05
0.04
0.16
0.18
0.07
0.38
0.29
0.05
0.14
0.42
0.14
0.09
0.07
0.64
0.07
0.33
0.08
0.11
0.33
0.08
1.74
0.19
0.19
0.03
1.68
0.06
0.20
0.04
Autozone Inc
Avalonbay Communities Inc.
Avery Dennison Corp
Avon Products Inc.
Baker Hughes Inc
Ball Corp.
Bank Of Ny Mellon Corp Shs
Bard (c.r.) Inc
Baxter Intl Inc.
Bb&t Corporation
Bed Bath & Beyond Inc.
Bemis Co Inc
Best Buy Co Inc.
Big Lots
Biogen Idec Inc
Bj Services Co
Black & Decker Corp
Block Inc. H+r
Bmc Software Inc.
Boeing Co
Boston Properties
Boston Scientific Corp.
Bristol Myers Squibb Co
Broadcom Corp -aBrown-forman Corp. B /non-vot.
Burlington Northern Santa Fe
C.h.robinson Worldwide Inc
Cabot Oil+gas Inc./cl.
Cameron International Corp
Campbell Soup Co.
Cardinal Health Inc.
Carefusion
Caterpillar Inc.
Cb Richard Ellis Group Inc -aCbs Corp -b- /when Issued
Celgene Corp.
Centerpoint Energy Inc
Centurytel
Cephalon Inc.
Cf Industries Holdings Inc
Charles Schwab Corp
Chesapeake Energy
Chevron Corporation
Chubb Corp
Cigna Corp.
Cincinnati Financial Corp
Cintas
Cisco Systems Inc.
Citigroup Inc
Citrix Systems Inc
Clorox Co
Cme Group Inc
Cms Energy Corp.
Coach Inc
Coca Cola Enterprise
Coca-cola Co.
Cognizant Technology Sol.corp
Colgate-palmolive Co.
Comcast Corp/-aComerica Inc.
Computer Associates Intl Inc
Computer Sciences Corp
Compuware Corp.
Conagra Foods Inc
Conocophillips
Consol Energy Inc
% of Net
Market
Assets
Value USD
- % des
Marktwert
17,664
23,073
13,308
61,436
64,158
19,350
624,384
151,460
37,088
138,852
70,193
68,892
35,786
11,902
49,975
8,551
57,065
25,474
13,950
21,690
27,023
173,637
34,674
63,760
194,091
57,765
19,236
94,445
42,895
12,402
35,099
30,870
67,792
43,390
17,724
137,566
11,664
39,588
105,756
15,410
41,212
16,858
19,829
70,971
67,129
602,735
78,767
37,209
16,626
16,817
564,629
258,415
29,430
33,766
88,647
11,646
52,035
23,427
518,600
47,557
161,291
220,205
14,761
39,296
32,802
8,844
44,488
286,016
39,338
0.04
0.06
0.03
0.15
0.16
0.05
1.54
0.37
0.09
0.34
0.17
0.17
0.09
0.03
0.12
0.02
0.14
0.06
0.03
0.05
0.07
0.43
0.09
0.16
0.48
0.14
0.05
0.23
0.11
0.03
0.09
0.08
0.17
0.11
0.04
0.34
0.03
0.10
0.26
0.04
0.10
0.04
0.05
0.18
0.17
1.49
0.19
0.09
0.04
0.04
1.39
0.64
0.07
0.08
0.22
0.03
0.13
0.06
1.28
0.12
0.40
0.54
0.04
0.10
0.08
0.02
0.11
0.71
0.10
69
Quantity Anzahl
1,240
673
729
6,858
1,813
600
1,759
863
6,190
1,130
521
400
451
1,594
7,485
1,000
599
1
1,897
200
344
1,895
1,828
2,393
900
894
4,857
1,181
870
691
3,774
4,955
222
6,533
346
642
4,692
1,018
1,490
3,228
1,430
8,519
2,964
649
823
1,138
533
544
1,293
410
2,678
1,047
802
1,168
20,216
529
534
445
1,391
652
3,741
834
1,369
735
600
236
805
300
500
14,010
1,456
653
% of Net
Market
Assets
Value USD
- % des
Marktwert
Consolidated Edison Inc
Constellation Brand -aConstellation Energy Group Inc
Corning Inc.
Coventry Health Care Inc
Csx Corp.
Cummins Inc
Cvs Caremark Corp
Danaher Corp
Darden Restaurants
Davita Inc
Dean Foods Co
Deere & Co.
Dell Inc
Denbury Resources Inc
Dentsply Intl Inc.
Developers Diversified Realty
Devry Inc.
Diamond Offshore Drilling
Directv Group Inc
Discover Fin Svc
Dominion Resources Inc
Donnelley And Sons.rr
Dover Corp.
Dow Chemical Co.
Dr Horton Inc
Dr Pepper Snapple Group Inc
Dte Energy Company
Du Pont De Nem.& Co/e.i.
Duke Energy Holding Corp
Dun And Bradstreet Corp
E Trade Financial Corp
Eastman Chemical Co
Eaton Corp.
Ebay Inc
Ecolab Inc.
Edison International
El Paso Energy Corp
Electronic Arts
Emc Corp
Emerson Electric Co.
Ensco Intl Inc.
Entergy Corp.
Eog Resources Inc.
Eqt
Equifax Inc
Equity Residential Sbi
Estee Lauder Cos A
Exelon Corp
Expedia Inc Del
Expeditors Intl Wash
Express Scripts Inc.
Exxon Mobil Corp
Family Dollar Stores Inc.
Fastenal
Federated Investors Inc. B
Fedex Corp.
Fidelity National Inform Serv
Fifth Third Bancorp
First Horizon Natl Corp
Firstenergy Corp
Fiserv Inc.
Flir Systems
Flowserve Corp
Fluor Corp (new)
Fmc Corp.
Fmc Technologies Inc
Ford Motor Co
Forest Laboratories
Fortune Brands
51,200
10,331
23,714
104,104
102,416
11,964
75,760
38,386
223,273
76,139
18,834
22,472
8,019
68,861
113,547
15,010
20,665
9
128,370
10,994
33,134
52,075
29,193
83,109
19,314
34,562
127,982
14,018
24,838
24,586
122,730
78,586
16,610
11,759
19,047
36,915
111,998
46,716
50,585
33,829
27,370
144,993
118,916
27,732
66,219
92,906
22,866
15,841
39,721
15,051
134,168
24,992
28,070
91,011
1,396,319
13,728
20,725
11,677
104,381
16,561
37,186
11,134
63,179
35,251
16,836
23,093
41,103
16,995
26,405
104,374
43,258
28,392
Quantity Anzahl
0.13
0.03
0.06
0.26
0.25
0.03
0.19
0.09
0.55
0.19
0.05
0.06
0.02
0.17
0.28
0.04
0.05
0.00
0.32
0.03
0.08
0.13
0.07
0.21
0.05
0.09
0.32
0.03
0.06
0.06
0.30
0.19
0.04
0.03
0.05
0.09
0.28
0.12
0.12
0.08
0.07
0.36
0.29
0.07
0.16
0.23
0.06
0.04
0.10
0.04
0.33
0.06
0.07
0.22
3.45
0.03
0.05
0.03
0.26
0.04
0.09
0.03
0.16
0.09
0.04
0.06
0.10
0.04
0.07
0.26
0.11
0.07
1,778
655
1,660
1,287
626
2,042
1,748
45,010
1,315
676
1,700
1,094
3,965
2,140
506
1,364
1,029
230
3,855
1,051
531
1,672
592
1,019
486
1,402
1,051
9,974
7,377
2,953
300
594
2,093
2,194
704
1,500
5,517
1,429
751
329
23,550
302
1,892
1,851
307
1,328
1,484
163
800
830
739
508
1,392
490
11,639
2,746
16,467
2,375
310
1,076
3,602
1,784
1,069
1,293
715
1,308
6,265
2,813
564
453
565
718
Fpl Group Inc *opa*
Franklin Resources Inc.
Freeport Mcmoran Copper & Gold
Frontier Communications Co
Gamestop Corp -aGap Inc.
General Dynamics Corp
General Electric Co
General Mills Inc
Genuine Parts Co
Genwaorth Financial / -aGenzyme Corp.
Gilead Sciences Inc.
Goodrich Corp
Goodyear Tire & Rubber
Google Inc A
Grainger Inc..ww
Halliburton Co
Harley Davidson Inc.
Harris Corp.
Hartford Fin.serv.group
Hasbro Inc.
Hcp Inc
Health Care Reit Inc
Heinz (h.j.) Co
Hess Corp
Hewlett-packard Co.
Home Depot Inc.
Honeywell International Inc.
Hormel Foods Corporati
Hospira Inc *opa*
Host Hotels & Resorts Inc
Hudson City Bancorp Inc
Humana Inc.
Huntington Bancshares Inc.
Ibm Corp
Illinois Tool Works
Ims Health
Integrys Energy Group Inc
Intel Corp.
Intercontinental Exchange Inc
International Paper Co
Interpublic Group
Intl Flavors & Fragr.
Intl Game Technology
Intuit
Intuitive Surgical Inc
Iron Mountain Inc
Itt Corp
Jabil Circuit Inc.
Jacobs Engineer.group
Janus Capital Group Inc
Jm Smucker Co
Johnson & Johnson
Johnson Controls Inc.
Jpmorgan Chase & Co
Juniper Networks Inc.
Kb Home
Kellogg Co
Keycorp
Kimberly Clark Corp
Kimco Realty Corp.
King Pharmaceuticals Inc
Kla Tencor Corporation
Kohl S Corp.
Kraft Foods Inc -aKroger Co.
L-3 Communications Hlds Inc
Laboratory Corp Of Amer.hld
Legg Mason Inc.
Leggett + Platt Inc.
% of Net
Market
Assets
Value USD
- % des
Marktwert
98,039
66,319
113,411
9,653
16,771
43,801
112,694
752,117
83,595
25,418
21,148
62,303
184,293
392,861
27,218
23,311
512,987
20,640
105,280
24,057
20,019
45,880
16,298
29,561
20,636
55,772
56,439
473,167
197,925
109,999
10,707
26,623
24,760
28,983
26,766
6,600
655,475
61,576
11,671
11,946
458,754
28,702
43,081
14,049
11,592
28,419
41,923
41,824
21,736
43,434
9,075
23,627
19,878
26,450
709,164
71,231
739,039
63,056
5,323
53,208
23,593
102,794
14,239
13,809
25,275
73,758
163,015
58,173
45,769
29,844
17,758
14,030
0.24
0.16
0.28
0.02
0.04
0.11
0.28
1.86
0.21
0.06
0.05
0.15
0.45
0.97
0.07
0.06
1.27
0.05
0.26
0.06
0.05
0.11
0.04
0.07
0.05
0.14
0.14
1.17
0.49
0.27
0.03
0.07
0.06
0.07
0.07
0.02
1.62
0.15
0.03
0.03
1.13
0.07
0.11
0.03
0.03
0.07
0.10
0.10
0.05
0.11
0.02
0.06
0.05
0.07
1.75
0.18
1.82
0.16
0.01
0.13
0.06
0.25
0.04
0.03
0.06
0.18
0.40
0.14
0.11
0.07
0.04
0.03
70
Quantity Anzahl
924
636
316
748
4,252
1,086
1,200
881
1,376
1,613
728
6,294
2,817
303
1,823
2,864
1,351
2,203
1,442
1,204
385
397
1,459
475
700
4,660
1,471
975
808
1,936
4,725
1,011
9,093
3,462
1,000
826
3,192
32,282
264
600
580
2,349
998
834
5,415
10,556
841
1,103
450
1,836
979
1,515
1,200
2,250
10,303
1,537
1,034
745
774
1,611
700
922
1,383
1,289
2,195
1,202
550
3,497
1,501
16,241
700
1,720
Lennar Corp. -aLeucadia National Corp.
Lexmark Intl Inc.
Life Technologies Corp
Lilly (eli) & Co
Limited Brands Inc
Lincoln National Corp.
Linear Technology
Lockheed Martin Corp
Loews Corp
Lorillard Inc
Lowe S Companies Inc.
Lsi Corporation
M&t Bank Corporation
Macy S
Marathon Oil Corp.
Marriott Intl Inc. A
Marsh & Mc-lennan Cos Inc
Marshall & Iisley Corp /w.i.
Masco Corp.
Massey Energy Co
Mastercard Inc. Shs-aMattel Inc.
Mc-cormick&co/n.voting
Mcafee Inc
Mcdonald S Corp.
Mcgraw Hill Companies Inc
Mckesson Corp
Meadwestvaco Corp
Medcohealth Solutions
Medtronic Inc.
Memc Electronic Materials
Merck & Co. Inc
Metlife Inc
Metropcs Communications Inc
Microchip Technology Inc.
Micron Technology Inc
Microsoft Corp
Millipore Corp
Molex Inc.
Molson Coors Brew-b-non-vot
Monsanto Co
Monster Worldwide Inc
Moody S Corp / When Issued
Morgan Stanley
Motorola Inc.
Murphy Oil Corp.
Mylan Inc
Nasdaq Omx Group Inc
National Oilwell Varco Inc
National Semiconductor Corp
Netapp Inc
Newell Rubbermaid Inc.
Newmont Mining Corp.
News Corp -aNike Inc B
Nisource Inc
Noble Energy
Nordstrom Inc
Northeast Utilities
Northern Trust Corp
Northrop Grumman Corp
Nucor Corp.
Nvidia Corp.
Nyse Euronext
O Reilly Automotive Inc
Occidental Petroleum Corp
Omnicom Group Inc.
Oracle Corp
Owens-illinois Inc.
Paccar Inc.
% of Net
Market
Assets
Value USD
- % des
Marktwert
13,647
15,760
6,841
34,610
142,102
18,625
31,224
24,227
108,773
55,552
54,411
133,496
15,381
18,928
33,288
91,934
36,842
54,634
11,940
16,122
10,953
82,076
26,816
16,174
30,275
266,412
38,408
57,310
18,794
108,513
175,486
16,732
289,612
133,599
9,620
21,740
26,813
831,261
18,731
12,168
28,223
181,413
17,844
17,356
168,352
88,776
48,862
17,813
9,603
79,150
14,029
39,617
18,744
98,392
122,606
92,358
14,383
49,513
23,800
70,642
16,800
53,891
72,953
60,325
31,959
34,545
19,893
273,780
56,888
343,010
26,068
65,308
Quantity Anzahl
0.03
0.04
0.02
0.09
0.35
0.05
0.08
0.06
0.27
0.14
0.13
0.33
0.04
0.05
0.08
0.23
0.09
0.13
0.03
0.04
0.03
0.20
0.07
0.04
0.07
0.66
0.09
0.14
0.05
0.27
0.43
0.04
0.71
0.33
0.02
0.05
0.07
2.05
0.05
0.03
0.07
0.45
0.04
0.04
0.42
0.22
0.12
0.04
0.02
0.20
0.03
0.10
0.05
0.24
0.30
0.23
0.04
0.12
0.06
0.17
0.04
0.13
0.18
0.15
0.08
0.09
0.05
0.68
0.14
0.85
0.06
0.16
500
464
809
628
1,451
1,223
915
1,323
726
512
6,696
788
28,836
1,690
8,238
417
481
813
1,873
230
755
1,787
1,276
629
1,205
12,339
1,173
3,145
1,155
2,000
2,145
548
899
7,121
800
620
738
6,365
1,006
590
1,503
800
5,926
1,394
771
676
623
637
526
1,505
447
1,015
3,218
500
6,912
370
601
293
954
412
505
1,068
1,914
900
318
3,372
3,463
1,479
2,887
12,918
1,640
271
Pactiv Corp.
Pall Corp.
Parker-hannifin
Patterson Companies Inc
Paychex Inc.
Peabody Energy
Penney (j.c.) Co.inc
People S United Financial Inc
Pepco Holdings Inc
Pepsi Bottling Group Inc
Pepsico Inc
Perkinelmer Inc
Pfizer Inc.
Pg&e Corp (holding Co)
Philip Morris Int
Pinnacle West Cap.corp
Pioneer Natural Resourc
Pitney Bowes Inc
Pnc Financial Services Group
Polo Ralph Lauren A
Ppg Industries Inc.
Ppl Corp
Praxair
Precision Castparts
Principal Financial Group Inc
Progress Energy Inc
Progressive Corp
Prologis/shs Of Benef.int
Prudential Financial Inc
Publ.serv.enterprise
Public Storage Inc.
Pulte Homes Inc
Qualcomm Inc.
Quanta Services Inc
Quest Diagnostics Inc.
Questar Corp
Qwest Communications Intl
Radioshack Corp.
Range Resources
Raytheon Company
Red Hat Inc
Republic Services Inc.
Reynolds American Inc
Robert Half Intl Inc.
Rockwell Automation
Rockwell Collins
Rowan Companies Inc
Safeway Inc.
Salesforce Com Inc
Sandisk Corp
Sara Lee Corp.
Scana Corporation
Schering-plough Corp
Scripps Networks Interactive I
Sealed Air Corp (new)
Sears Holdings Corp
Sempra Energy
Sherwin-williams Co.
Sigma-aldrich Corp
Simon Property/paired Shs
Slm Corp
Smith International Inc
Snap-on Inc
Southern Co.
Southwest Airlines Co
Southwestern Energy Co
Spectra Energy Corp *opa*
Sprint Nextel Corp/fon Ser.1
St Jude Medical Inc
Stanley Works
% of Net
Market
Assets
Value USD
- % des
Marktwert
13,270
15,289
42,804
17,226
41,861
45,826
30,845
20,890
10,912
18,657
391,783
15,303
483,580
69,172
401,355
13,774
17,489
20,423
89,885
17,797
44,349
54,789
103,356
64,705
33,535
714,551
46,122
52,647
14,149
99,920
67,825
41,878
10,222
324,005
18,320
32,401
27,741
23,805
16,840
29,388
72,595
22,192
38,223
37,289
34,795
17,238
26,677
32,251
12,240
29,814
25,551
22,086
35,301
17,650
194,435
13,764
11,954
19,279
47,853
24,827
27,265
74,034
17,054
26,271
10,996
107,803
33,453
62,576
55,257
52,189
65,174
11,512
0.03
0.04
0.11
0.04
0.10
0.11
0.08
0.05
0.03
0.05
0.97
0.04
1.19
0.17
0.99
0.03
0.04
0.05
0.22
0.04
0.11
0.14
0.25
0.16
0.08
1.76
0.11
0.13
0.03
0.25
0.17
0.10
0.03
0.80
0.05
0.08
0.07
0.06
0.04
0.07
0.18
0.05
0.09
0.09
0.09
0.04
0.07
0.08
0.03
0.07
0.06
0.05
0.09
0.04
0.48
0.03
0.03
0.05
0.12
0.06
0.07
0.18
0.04
0.06
0.03
0.27
0.08
0.15
0.14
0.13
0.16
0.03
71
Quantity Anzahl
2,680
3,408
775
2,142
294
1,064
3,250
444
2,105
833
3,603
2,586
1,065
3,212
844
2,000
1,797
684
536
5,336
1,000
653
1,598
519
5,128
1,287
1,802
400
800
2,442
945
2,213
489
4,061
5,204
1,523
8,160
4,315
2,315
513
550
870
12,024
318
2,609
628
430
9,123
4,267
8,086
21
2,107
411
450
1,995
19,576
900
3,132
998
300
601
2,484
1,552
455
5,749
800
300
1,794
4,281
1,056
2,291
5,025
Staples Inc
Starbucks Corp.
Starwood Hotels Resorts Ww
State Street Corp
Stericycle Inc
Stryker Corp.
Sun Microsystems Inc
Sunoco Inc.
Suntrust Banks Inc.
Supervalu Inc.
Symantec Corp.
Sysco Corp.
T Rowe Price Group Inc.
Target Corp
Teco Energy Inc.
Tellabs Inc.
Tenet Healthcare Corp
Teradata
Tesoro Corp.
Texas Instruments Inc
Textron Inc.
The Hershey Co
Thermo Fisher Scientific Inc
Tiffany & Co
Time Warner
Time Warner Cable
Tjx Cos Inc.
Torchmark Corp.
Total System Services Inc
Travelers Companies Inc
Tyson Foods Inc.-aUnion Pacific Corp.
United States Steel
United Technologies Corp
Unum Group
Us Bancorp
Utd Parcel Service Inc B
Valero Ener. Corp
Varian Medical Systems Inc
Ventas Inc.
Verisign Inc
Verizon Communications I.
Vf Corp
Viacom Inc -bVornado Realty Trust
Vulcan Materials Co(hold. Co)
Wal-mart Stores Inc
Walgreen Co.
Walt Disney /disney Ser.
Washington Post /-bWaste Management Inc.
Waters Corporation
Watson Pharmaceuticals Inc.
Wellpoint Inc
Wells Fargo & Co
Western Digital Corp.
Western Union Company
Weyerhaeuser Co
Whirlpool Corp.
Whole Foods Market Inc.
Williams Companies Inc
Windstream Corp
Wisconsin Energy Corp.
Wyeth
Wyndham Worldwide Corp
Wynn Resorts Ltd
Xcel Energy Inc
Xerox Corp.
Xilinx Inc.
Xto Energy Inc
Yahoo Inc
% of Net
Market
Assets
Value USD
- % des
Marktwert
62,337
69,455
25,311
112,798
14,262
48,550
29,412
12,414
47,468
12,662
57,720
64,521
48,947
151,863
12,103
13,640
10,405
18,995
7,708
125,663
18,710
25,500
69,689
19,893
149,891
56,306
66,674
17,584
13,048
119,560
11,926
130,877
22,279
248,980
133,639
33,034
177,480
245,006
45,050
21,577
21,439
19,975
362,644
23,278
73,678
40,676
23,491
449,125
159,372
225,923
9,898
63,210
22,769
16,650
98,314
554,980
32,553
60,322
37,305
21,090
18,246
45,134
15,210
20,739
279,689
12,968
21,975
35,091
33,906
24,499
95,878
87,686
Quantity Anzahl
0.15
0.17
0.06
0.28
0.04
0.12
0.07
0.03
0.12
0.03
0.14
0.16
0.12
0.37
0.03
0.03
0.03
0.05
0.02
0.31
0.05
0.06
0.17
0.05
0.37
0.14
0.16
0.04
0.03
0.29
0.03
0.32
0.05
0.61
0.33
0.08
0.44
0.60
0.11
0.05
0.05
0.05
0.89
0.06
0.18
0.10
0.06
1.11
0.39
0.56
0.02
0.16
0.06
0.04
0.24
1.37
0.08
0.15
0.09
0.05
0.05
0.11
0.04
0.05
0.69
0.03
0.05
0.09
0.08
0.06
0.24
0.22
2,014 Yum Brands
968 Zimmer Holdings Inc
500 Zions Bancorp
% of Net
Market
Assets
Value USD
- % des
Marktwert
66,019
51,885
9,095
0.16
0.13
0.02
Investment
785 Plum Creek Timber Co Inc /reit
OTHER NET ASSETS
TOTAL NET ASSETS
0.06
24,382
0.06
39,436,387
97.31
1,088,249
2.69
40,524,636
100.00
72
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
Kosmetik
9.54
9.19
Petrol - Treibstoff
9.19
7.16
7.07
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
0.36
0.29
0.28
0.20
0.16
0.15
6.69
0.12
4.82
0.06
Warenhäuser
4.80
0.03
4.02
3.93
3.20
2.66
2.48
2.24
2.03
Chemicals - Chemie
1.92
1.81
1.77
1.66
Leisure - Freizeit
1.63
1.27
1.09
0.98
0.74
0.70
0.56
0.55
0.52
0.50
0.50
Elektronik
0.44
OTHER NET ASSETS
TOTAL NET ASSETS
97.31
2.69
100.00
73
CMI Euro Bond
Quantity Anzahl
% of Net
Market
Assets
Value EUR
- % des
Marktwert
Quantity Anzahl
% of Net
Market
Assets
Value EUR
- % des
Marktwert
Italy - Italien
Bonds Anleihen
14,660,000 Bhp Billiton 4.75% 09-4.4.12
4,250,000 Cba 5.5% 09-06.08.19
1.30
15,444,017
4,416,770
16,930,000 Austria 3.5% 05-15.07.15
31,500,000 Austria 3.5% 05-15.9.21
10,900,000 Belgium 4% 08-28.3.18 S.52 Olo
11,277,140
Finland 3.875% 06-15.09.17
Finland 4.25% 04-4.7.15
Finland 4.375% 08-4.7.19
Finnish Govt 3.125% 09-15.9.14
Sampo Housing Bk 3.75% 06-11
13,355,052
45,083,960
15,967,840
5,829,096
16,201,320
977,550
Cfcmb 5.875% 08-2.7.10
Cie Fin Fon 3.875% 08-11 Emtn
Csse Refin Hypoth 4.375% 07-10
France 3.75% 05-25.04.21 Oat
France 4.25% 06-25.10.23
France 4.25% 07-25.10.18
France Oat 4% 04-25.04.55
Psa Fin 8.5% 09-4.5.12
Rci Bk 8.125% 09-15.5.12
Socgen 9.375%(frn) 09-perp/sub
85,960,000 Germany 3.5% 05-04.01.16
27,700,000 Germany 4.75% 03-4.7.34
48,500,000 Germany 4.75% 08-04.07.2040
Barclays 4.875% 09-13.8.19
Barclays Bk 4.75% 05-perp.
Barclays Bk Frn 07-30.5.17
Cs Intl 4.75% 09-5.8.19
Imp Tobacco Fin 5% 09-25.6.12
Iss Fin 11% 09-15.6.14
Vodafone Grp 5.875% 08-18.6.10
89,793,816
30,824,560
55,440,350
6,973,365
4,061,340
4,567,500
5,275,215
9,349,920
3,025,760
9,930,646
8,100,000
6,200,000
3,305,000
7,800,000
6,000,000
Abn Amro Bk Frn 05-08.06.15
Allianz Fin Ii4.75% 09-22.7.19
Eads Fin Bv 4.625% 09-12.08.16
Elm Bv 6.5% 09-02.04.13
Rabobk 5.875% 09-20.05.19
10,350,000 Bco San Totta 3.75% 09-12.6.12
8,160,810
10,897,388
1,928,186
3,153,687
2,223,682
5.88
2.02
3.63
Spain 3.8% 06-31.1.2017
Bbva 4.5% 03-14.11.15
Spain 4.9% 07-30.07.40
Bbva Sen Fin 3.625% 09-14.5.12
0.46
0.27
0.30
0.34
0.61
0.20
0.65
5,476,120
Countrywide Fi Frn 05-23.11.10
Daimler 5.75% 08-18.6.10 Emtn
Merrill Lynch 6.75% 08-13 Emtn
Morg.stanl.frn 05-12 Gmtn
Pfizer 4.75% 09-3.6.16
Philip Mor 4.25% 09-23.03.12
23,653,200
8,261,654
16,665,600
11,315,370
2,940,000 C10 Cap Spv6.277%(tv)07-9.5.49
Bonds Anleihen
0.31
0.96
0.60
1.55
0.54
1.09
0.74
0.87
13,230,872
0.87
3.22
6,648,606
11,942,764
8,293,439
5,911,018
7,962,759
8,436,474
Virgin Islands - Virgin Inseln
7.19
1.81
4.51
0.36
3.92
6,740,000
11,650,000
7,700,000
6,200,000
7,550,000
8,100,000
0.95
0.36
Sweden - Schweden
13,150,000 Swedish Exp 3% 09-20.08.12
0.69
0.95
14,551,600
Spain - Spanien
23,000,000
8,300,000
15,500,000
11,000,000
0.45
0.42
0.22
0.56
0.43
0.69
10,563,003
Slovenia - Slowenien
5,200,000 Slovenia 5.375% 01-11.4.11
0.53
0.71
0.13
0.21
0.14
2.08
6,886,134
6,399,020
3,346,676
8,553,870
6,590,880
Slovakia - Slowakei
14,000,000 Slovakia 4.375% 09-21.1.15
0.39
1.72
Portugal - Portugal
1.08
0.13
0.06
3.29
0.25
1.30
0.35
0.69
0.24
0.33
1.87
4,723,615
14,670,230
9,115,528
Arcelormit 9.375% 09-3.6.16
Enel Fin 5% 09-14.9.22
Fiat Fin 7.625% 09-15.9.14
Fiat Fin Tra 9% 09-30.7.12
Vcl No. 10 Tv 07-21.1.13 S10-a-
0.42
0.32
1.49
6.45
0.47
2.56
1.52
4.69
5.64
0.39
5,904,000
2.95
1.05
0.38
1.06
0.06
13.51
109,773,600
27,675,000
68,896,800
Ireland - Irlande
4,655,000 Ge Cap Eur 5.375% 09-23.1.20
14,500,000 Anglo Irish Bk3.625% 08-9.9.10
8,350,000 Cloverie 7.5%(frn) 09-24.07.39
0.87
2.83
106,000,000 Greece 4% 08-20.8.13 S.5y
27,000,000 Greece 4.6% 09-20.07.18
63,000,000 Greece 5.5% 09-20.8.14
7,000,000
10,730,000
1,865,000
2,935,000
2,238,849
11.53
6,910,000
6,540,000
5,250,000
5,205,000
9,000,000
2,850,000
9,640,000
0.74
7.72
16,468,480
1,959,299
928,584
50,255,000
3,852,440
19,911,760
5,326,020
10,501,918
3,675,080
5,023,125
23.56
6,367,780
4,901,658
22,752,457
98,553,600
7,245,700
39,040,400
23,225,400
71,656,500
86,177,020
5.50
France - Frankreich
16,000,000
1,900,000
900,000
50,000,000
3,700,000
18,700,000
5,400,000
9,540,000
3,376,000
4,700,000
6,400,000 Ubs Ag Jersey Frn 05-17.11.15
0.87
Finland - Finnland
Intesa 5% 09-23.9.19
Intesa Sanpa 6.625% 08-18 Emtn
Intesa Sanpaolo 5% 08-28.04.11
Italy 3.5% 09-01.06.14 Btp
Italy 4.25% 03-1.2.19 Btp
Italy 4.25% 09-01.09.19
Italy 4.5% 08-1.8.18 Btp
Italy 5% 07-1.8.39 Btp
Italy 5.75% 02-1.2.33 Btp
Jersey - Jersey
1.14
1.99
0.74
EN-Emirates arabes - Vereinigte Arabische
13,390,000 Abu Dhab Ntl.en.4.375% 06-13reg
1.01
0.29
3.13
17,456,523
30,331,350
Belgium - Belgien
43,300,000
14,840,000
5,460,000
15,800,000
950,000
6,350,000
4,650,000
21,750,000
96,000,000
7,000,000
38,200,000
22,000,000
69,000,000
75,800,000
0.44
0.78
0.54
0.39
0.52
0.55
0.14
2,136,410
0.14
7,650,000 Hsbc Hldg 6% 09-10.6.19
0.55
8,399,164
Ireland - Irlande
17,200,000 Ireland 5.9% 09-18.10.19
0.55
1.23
18,849,480
1.23
74
CMI Euro Bond
Quantity Anzahl
% of Net
Market
Assets
Value EUR
- % des
Marktwert
3,150,000 Art Five Bv Frn 05-26.05.14
0.19
2,882,250
Portugal - Portugal
38,000,000 Portugal 3.6% 09-15.10.14
7,500,000 Portugal 4.75% 09-14.6.19
3.09
39,178,000
8,034,750
5,100,000 Boa 7% 09-15.6.16
OTHER NET ASSETS
TOTAL NET ASSETS
0.19
2.56
0.53
0.37
5,662,989
0.37
1,410,359,939
92.33
117,080,382
7.67
1,527,440,321
100.00
75
CMI Euro Bond
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
Kommunalanleihen
69.43
11.12
6.41
2.22
0.87
0.65
0.55
Kosmetik
0.52
0.42
0.14
OTHER NET ASSETS
TOTAL NET ASSETS
92.33
7.67
100.00
76
CMIG Fixed Term Euro Bond
Market
Value EUR
Marktwert
EUR
% of Net
Assets
- % des
Fondsvermögens
Quantity Anzahl
Bonds Anleihen
France - Frankreich
28,530,000
1,300,000
12,750,000
43,150,000
4,775,000
32,800,000
France 3% 06-12.01.11 Btan
France 4% 03-25.10.14 Oat
France 4% 98-2009
France 4.75% 01-25.10.12 Oat
France 5.5% 00-10 Oat
France 6.5% 95-25.04.2011 Oat
54.01
29,286,045
1,385,020
12,771,675
46,731,450
4,905,835
35,522,400
3,240,000 Germany 5% 02-04.01.2012
1.44
3,489,804
21,500,000 Greece 3.8% 08-20.3.11 S.3yr
Italy 3.75% 08-1.2.2011 Btp
Italy 3.75% 08-15.12.13 Btp
Italy 4% 07-15.4.12 Btp
Italy 5.5% 99-1.11.10 Btp
OTHER NET ASSETS
TOTAL NET ASSETS
1.44
9.20
22,243,900
Italy - Italien
30,540,000
1,180,000
43,140,000
1,500,000
12.11
0.57
5.28
19.33
2.03
14.69
9.20
32.98
31,584,468
1,227,318
45,370,338
1,572,750
13.06
0.51
18.76
0.65
236,091,003
97.63
5,719,387
2.37
241,810,390
100.00
77
CMIG Fixed Term Euro Bond
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
Kommunalanleihen
97.63
97.63
OTHER NET ASSETS
TOTAL NET ASSETS
2.37
100.00
78
CMI Japan Bond
Market
Value JPY
Marktwert
JPY
% of Net
Assets
- % des
Fondsvermögens
Quantity Anzahl
Bonds Anleihen
Japan - Japan
1.4% 04-20.12.14 N.266
1.4% 08-20.3.18 No290
1.40% 01-20.6.11 Nr.233
1.5% 04-20.3.14 No. 259
1.5% 2002-20.3.12 N237
1.7% 07-20.9.17 S.288
2.10% 08-20.9.28
2.2% 04-20.3.24 N.68
77.85
30,000,000
155,000,000
70,000,000
100,000,000
160,000,000
15,000,000
14,000,000
89,000,000
Japan
Japan
Japan
Japan
Japan
Japan
Japan
Japan
Bonds Anleihen
Japan - Japan
31,173,600
158,975,750
71,405,600
104,246,000
164,745,600
15,798,150
14,136,080
93,999,130
3.71
18.91
8.49
12.40
19.60
1.88
1.68
11.18
16.98
54,000,000 Japan 1.3% 07-20.12.11 N.62
70,000,000 Japan 2% 07-20.3.27 No
93(20y)
16,500,000 Japan 2.4% 07-20.03.37 N.26
55,224,180
70,336,000
17,141,025
2.04
TOTAL INVESTMENT
PORTFOLIO SUMME WERTPAPIERBESTAND
797,181,115
94.83
OTHER NET ASSETS
43,499,797
5.17
840,680,912
100.00
TOTAL NET ASSETS
6.57
8.37
79
CMI Japan Bond
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
Kommunalanleihen
94.83
94.83
OTHER NET ASSETS
TOTAL NET ASSETS
5.17
100.00
80
CMI UK Bond
% of Net
Market
Assets
Value GBP
- % des
Marktwert
Quantity Anzahl
Bonds Anleihen
France - Frankreich
339,000 Bnpp 6.125% 08-27.05.11
1.06
361,442
899,000 Kfw 4.375% 06-7.3.11
583,000 Kfw 4.75% 02-7.12.10
4.53
937,297
607,078
335,000
1,867,000
298,000
6,488,000
7,173,000
1,289,000
2,385,000
4,056,000
4,221,000
Abbey Nat Tsy 7.125% 08-20.6.11
Tsy 4.5% 08-7.3.13
Ubs Ldn 6.625% 08-11.4.18 Emtn
Uk 4% 09-7.3.22 Gilt
Uk Tsy 2.25% 09-7.3.14
Uk Tsy 4.25% 05-55
Uk Tsy 4.25% 06-7.12.46
Uk Tsy 4.5% 08-7.3.19
Uk Tsy 4.75% 04-7.12.38
1,171,569
81,000 Bei 5.5% 00-07.12.11
1.06
5.88
0.96
19.31
20.72
3.94
7.24
12.74
13.77
3.44
3.44
0.26
87,180
300,000
50,000
93,000
133,000
385,000
300,000
2.75
1.78
85.62
360,560
2,005,158
327,681
6,580,130
7,063,253
1,342,236
2,467,998
4,341,948
4,692,486
International agencies - Internationale Agenturen
1,087,000 Nordic In Bk 4.875% 08-7.12.12
1.06
0.26
4.13
Bk Of America 7% 08-31.7.28
Citigroup 5.25% 06-14.6.11
Citigroup 5.5% 03-18.11.15emtn
Goldman Sachs 5.25% 05-15.12.15
Goldman Sachs 7.25% 08-10.4.28
Merr.lyn &co 7.75% 08-30.4.18
344,670
50,945
90,758
136,804
462,516
323,730
1.01
0.15
0.26
0.40
1.36
0.95
33,755,439
99.04
327,835
0.96
34,083,274
100.00
OTHER NET ASSETS
TOTAL NET ASSETS
81
CMI UK Bond
30. September 2009
Sector
Sektor
% of Net
Assets
-% des
Fondsvermögens
Kommunalanleihen
83.60
11.74
Supranational - Supranational
OTHER NET ASSETS
TOTAL NET ASSETS
3.70
99.04
0.96
100.00
82
CMI US Bond
Quantity Anzahl
% of Net
Market
Assets
Value USD
- % des
Marktwert
Quantity Anzahl
% of Net
Market
Assets
Value USD
- % des
Marktwert
650,000 Ex-imp Bk Kr 5.875% 09-14.1.15
Bonds Anleihen
Sweden - Schweden
3,500,000 Svsk Hdbk 4.875% 09-10.6.14
800,000 Dubai Hold Comm Frn
07-01.02.12
0.33
675,000
3,070,000 Abu Dhabi 5.875% 06-27.10.16
3,083,551
France - Frankreich
605,000 Edf 6.5% 09-26.1.19
10,000,000 Sfef 2.125% 09-30.01.12 Regs
1,100,000 Anglo Amer9.375% 09-8.4.19regs
620,000 Marks Spencer 6.25% 07-17 Reg.
1,300,000 Roy.bk Scotld Frn 06-11.04.16
998,000
Bonds Anleihen
Altria Grp 9.25% 09-6.8.19
Gen Elec Cap Crp4.8% 08-1.5.13
Ibrd 3.5% 08-08.10.2013
Roche Hldg 5% 09-1.3.14 Reg-s
Usa 4.625% 07-11 Tbo S.r-2011
Usa 6.25% 93-23 Notes
Usa 8.125% 89-19 Tsy Bonds
1.49
0.33
4.89
0.65
0.30
0.49
0.68
1,080,284
Bonds Anleihen
0.52
12.78
738,332
2,587,771
2,008,617
721,572
6,254,828
7,896,656
6,267,656
4,400,000 Nab 2.55% 09-13.01.12 Reg-s
1,825,000 Mubadala Dev5.75%
09-6.5.10regs
1,936,811
2,030,000 Barclays 6.75% 09-22.5.19
2,000,000 Bpcm 3.125% 09-10.3.12
750,000 Dt.bk Ln 4.875% 08-20.5.13
804,563
0.08
163,808
3,026 Coll.mtg Obl.7.25% 87-18 S17 B
OTHER NET ASSETS
TOTAL NET ASSETS
0.08
0.00
3,026
0.00
204,556,463
98.76
2,563,658
1.24
207,120,121
100.00
2.16
0.93
0.93
1.09
0.99
0.39
0.40
0.39
0.37
762,210
Norway - Norwegen
500,000 Statoilhydro 5.25% 09-15.04.19
8.14
0.32
0.39
740,000 Anz Natl Intl 09-2.4.12 Reg S
16,867,766
664,076
0.40
819,922
650,000 Rabobk Frn 09-perp
0.96
0.61
0.08
1.75
0.26
0.32
0.44
5.87
3.31
9.16
7.78
0.56
9.94
9.03
4.55
3.59
2.47
2,259,871
2,060,019
797,276
800,000 Arcelor Mittal 5.375% 08-1.6.13
1,998,140
1,261,424
159,739
3,626,984
531,228
660,087
907,792
12,155,175
6,858,562
18,974,109
16,103,577
1,167,430
20,585,374
18,709,844
9,433,125
7,433,516
160,000 Holcim Us 6% 09-30.12.19 Reg-s
2.16
4,471,696
1.76
66.67
0.36
1.25
0.97
0.35
3.02
3.81
3.02
3,648,925
0.48
0.52
600,000
2,500,000
1,925,000
670,000
5,810,000
6,300,000
4,500,000
1.49
0.48
1,000,000 E.on Int Fi 5.8% 08-30.4.18
Citigp 5.5% 09-15.10.14
Cme 5.75% 09-15.02.14
Goldman Sa.frn06-23.12.09 B236
Jp Mor 3.125% 08-1.12.11
Mor St Cap 6% 09-13.05.14
Pfizer 5.35% 09-15.3.15
Reed Elsevier 7.75% 09-15.1.14
Usa 0.875% 09-31.4.11
Usa 1.375% 09-15.5.12 Tbo
Usa 1.75% 09-31.1.14 Tbo
Usa 2.625% 09-29.02.16 Tbo
Usa 2.625% 09-30.06.14 Tbo
Usa 2.75% 08-31.10.13 R-2013
Usa 2.75% 09-15.2.19 B-2019
Usa 3.5% 09-15.02.39
Usa 3.625%
09-15.08.19s.e-2019
15,650,000 Usa 4.5% 08-15.5.38
600,000 Verizon Com 6.35% 09-1.4.19
0.68
1,403,080
1,000,000 Kuznetski 7.335% 06-13 Reg.s
2,000,000
1,150,000
160,000
3,500,000
500,000
600,000
800,000
12,140,000
6,850,000
19,260,000
16,310,000
1,150,000
19,985,800
19,630,000
10,400,000
7,250,000
1.44
1,343,034
621,965
1,021,215
Jersey - Jersey
1,700,000 Old Mutual Cap Fd 8% 03-..perp
0.33
0.33
1.76
5.22
691,999
10,117,000
0.33
684,989
0.37
0.26
534,839
0.26
83
CMI US Bond
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
Kommunalanleihen
71.78
10.52
9.40
3.12
0.97
0.68
0.40
0.36
0.33
0.32
0.32
0.30
Petrol - Treibstoff
0.26
OTHER NET ASSETS
TOTAL NET ASSETS
98.76
1.24
100.00
84
CMIG Fixed Term US Bond
% of Net
Market
Assets
Value USD
- % des
Marktwert
Quantity Anzahl
Bonds Anleihen
220,000 Usa 3.625% 05-15.6.10tsy K-2010
120,000 Usa 4.875% 02-15.2.12tb S.b-12
214,000 Usa 6.5% 00-15.2.10 Notes
Bonds Anleihen
49.94
225,087
130,313
218,982
19.57
11.33
19.04
220,000 Usa 2% 08-30.9.10 Tbo
155,000 Usa Tsy 1.5% 08-31.10.10 Tbo
33.04
223,334
156,647
19.42
13.62
Commercial
Paper Commercial
Paper
Financial Instruments - Liquiditätsähnliche finanzinstrumente
185,000 Fnma 0% 09-25.01.10 Cp
OTHER NET ASSETS
TOTAL NET ASSETS
16.07
184,790
16.07
1,139,153
99.05
10,917
0.95
1,150,070
100.00
85
CMIG Fixed Term US Bond
30. September 2009
Sector
Sektor
% of Net
Assets
-% des
Fondsvermögens
States, provinces and municipalities -Staats- und
Kommunalanleihen
99.05
99.05
OTHER NET ASSETS
TOTAL NET ASSETS
0.95
100.00
86
CMI Sterling Currency Reserve
% of Net
Market
Assets
Value GBP
- % des
Marktwert
Quantity Anzahl
Bonds Anleihen
3,000,000 Cwth Bk Aust.frn 05-01.06.10
3.25
2,985,354
100,000 Danske Bk Frn 07-29.01.10
99,968
3,450,000 Alliance&leics Frn 04-30.11.09
3,000,000 Credit Agricole Ln Frn 07-2.2.11
4,200,000 Deutsche Bk Frn 07-26.4.12
Ireland - Irlande
3,000,000 Ge Cap Uk Fd Frn 05-22.06.10
2,976,954
4,000,000 Kbc Ifima Nv Frn 07-18.01.12
Shares Aktien
3,079,528
Belgium - Belgien
3,000,000 Eni Bxl 0% 09-9.10.09 Cp
4.36
3.27
2,999,667
3.27
88.46
3.74
3.25
4.51
OTHER NET ASSETS
10,585,796
11.54
3.24
TOTAL NET ASSETS
91,761,702
100.00
3.24
3.24
4.15
3.36
8.40
3,804,132
3,907,436
4.14
4.26
11.98
6,999,090
3,997,800
7.63
4.35
4,000,000
2,500,000
4,000,000
4,000,000
2,500,000
4,000,000
4.36
3,999,373
7,000,000 United Kingdom 0% 09-12.10.09tb
4,000,000 Uk 0% 09-23.11.09 Tb
Certificate of
Deposit Schatzwechsel
3.36
4,000,000 Bk Of Amercia Frn 07-11.6.12
4,000,000 Jp Morg.chase Frn 07-27.6.12
Commercial
Paper Commercial
Paper
4.15
3,805,768
Spain - Spanien
3,100,000 Santander Frn 05-11.10.10 Emtn
0.11
11.50
3,429,969
2,979,501
4,141,927
4,000,000 Ing Bk Au 0% 09-13.10.09 Cp
3.24
2,969,439
Quantity Anzahl
0.11
France - Frankreich
3,000,000 Hsbc France Frn 06-11.04.11
3.25
% of Net
Market
Assets
Value GBP
- % des
Marktwert
Baclays 1.9% 09-09.07.10 Cd
Barclays 0% 09-26.10.09 Cd
Clydesdale 1.2% 09-05.10.09 Cd
Clydesdale Bk 1.18%-2.11.09 Cd
Nationwide 1.03% 09-23.11.09 Cd
Nationwide 1.07% 09-17.11.09 Cd
22.88
4,000,000
2,500,000
4,000,000
4,000,000
2,500,000
4,000,000
Italy - Italien
4,000,000 Unicredit 0.6% 09-19.11.09 Cd
4.36
4,000,000
4,000,000 Ubs 1.32% 09-07.12.09 Cd
4.36
2.72
4.36
4.36
2.72
4.36
4.36
4.36
4,000,000
4.36
87
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
52.13
States, provinces and municipalities - Staats - und
Kommunalanleihen
15.23
10.66
7.08
3.36
88.46
OTHER NET ASSETS
11.54
TOTAL NET ASSETS
100.00
88
CMI US Dollar Currency Reserve
% of Net
Market
Assets
Value USD
- % des
Marktwert
Quantity Anzahl
Bonds Anleihen
1,200,000 Deutsche Bank Frn 06-21.03.11
4.31
1,193,540
Treasury
Bill Schatzbriefe
5.02
14.43
OTHER NET ASSETS
5,665,656
20.44
TOTAL NET ASSETS
27,718,824
100.00
1,392,824
4,000,000 Usa 0% 08-17.12.09 Tb
14.43
79.56
5.02
8.92
2,473,269
8.92
Finland - Finnland
1,000,000 Nordea Bk 0.19% 09-13.10.09 Cd
3.61
1,000,000
1,000,000 Ing Bk Ln 0.3% 09-20.11.09 Cd
1,000,000 Unicr Ln 0.45% 09-19.11.09 Cd
1,000,000 Barclays 0% 09-22.02.10 Cd
3.61
10.82
1,000,000
1,000,000
1,000,000
Norway - Norwegen
1,000,000 Dnb 0.2% 09-14.10.09 Cd
Commercial
Paper Commercial
Paper
3,000,000 Gecc Frn 07-15.02.17 Tr.774
Certificate of
Quantity Anzahl
3,999,352
1,400,000 Cr.agricole Ln Frn 06-22.6.11
Bonds Anleihen
4.31
% of Net
Market
Assets
Value USD
- % des
Marktwert
3.60
3.61
3.61
3.61
1,000,000
3.61
Debt Instruments - Finanzinstrumente
1,000,000 Bei 0% 09-03.11.09 Cp
3.61
999,830
1,000,000 Kfw 0% 09-22.10.09 Cp
1,000,000 Lwf Rentbk 0% 09-28.10.09 Cp
7.21
999,872
999,829
1,000,000 Nationwide Bldg 0% 9-17.12.9cp
3.60
10.81
998,049
998,125
999,343
1,000,000 Ebrd 0% 09-17.11.09 Cp
3.61
3.60
3.60
999,415
1,000,000 Bng 0% 09-09.03.10 Cp
1,000,000 Nwb 0% 09-10.3.10 Cp
1,000,000 Rabobk 0% 09-3.12.09 Cp
3.61
3.60
3.60
3.61
3.61
999,720
3.61
89
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
41.79
Kommunalanleihen
14.43
8.92
7.22
Mortgage and funding institutions - Hypotheken - und
3.60
3.60
79.56
OTHER NET ASSETS
20.44
TOTAL NET ASSETS
100.00
90
CMI Euro Currency Reserve
% of Net
Market
Assets
Value EUR
- % des
Marktwert
Quantity Anzahl
Bonds Anleihen
5,000,000 Danske Bank A/s Frn 06-8.9.11
2.79
4,946,370
3,500,000 Germany 1.5% 09-10.6.11
3,525,235
Britannia Bldg Frn 06-14.12.09
Clydesdale Bk Frn 07-30.05.12
Cred.suisse Ln Frn 07-4.6.12
Westpac Bk Ln Frn 06-27.6.11
Ireland - Irlande
2,300,000
4,000,000
10,000,000
1,000,000
Allied Irish Bk Frn 04-29.10.09
Ge Cap.eur.fd Frn 04-09 Emtn
Ge Cap.eur.frn 06-22.2.16 Emtn
Irish Life & Perm Frn 06-11
Italy - Italien
7,000,000 Banca Intesa Frn 06-11.4.13
Bng 3.25% 04-29.10.09 (rbg)
Bng 5.25% 01-04.07.11
Ing Bank Nv Frn 08-21.5.10
Ing Bank Nv Frn 08-22.8.11
Nwb 2.75% 09-21.2.11
Rabobk 4.5% 07-18.6.10
Shares Aktien
Bk Of America Frn 06-18.5.16
Bk Of America Frn 07-5.2.14
Citigroup Frn 06-9.2.16
Countrywide Fi Frn 05-23.11.10
Merr.lynch & co.frn 07-31.1.14
Merrill Lynch Frn 07-16.2.12
2.78
4.62
3.90
5.59
OTHER NET ASSETS
1.30
2.26
5.21
0.51
TOTAL NET ASSETS
12.41
5,000,000
5,000,000
2.82
2.82
5,000,000
7,000,000
2.82
3.95
169,719,357
95.76
7,508,772
4.24
177,228,129
100.00
3.89
1.33
3.60
1.70
2.83
1.73
2.04
2.81
4,987,110
4,000,000
3,500,000
7,000,000
2,000,000
2,500,000
2,500,000
13.23
2,348,751
6,384,690
3,007,983
5,023,915
3,060,729
3,615,595
Norway - Norwegen
5,000,000 Dnb Nor Bk Asa Frn 05-27.9.10
Certificate of
Deposit Schatz wechsel
3.89
6,890,919
2,344,000
6,000,000
3,000,000
5,000,000
3,000,000
3,539,000
1.99
9.28
2,295,375
3,999,504
9,230,380
910,700
5,000,000 Barclays 1.18% 09-7.01.10 Cd
5,000,000 Nationwide 0.97% 09-23.11.09
Cd
5,000,000 Rbs 1.08% 09-11.2.10 Cd
7,000,000 Unicr Ln 1.05% 09-17.11.09 Cd
16.89
4,925,000
8,193,745
6,910,918
9,909,900
Quantity Anzahl
1.99
5,000,000
8,500,000
7,000,000
10,000,000
2.79
% of Net
Market
Assets
Value EUR
- % des
Marktwert
2.81
11.04
3,516,132
3,208,117
6,171,270
1,976,544
2,299,733
2,395,942
1.98
1.81
3.48
1.12
1.30
1.35
France - Frankreich
17,500,000 France 0% 09-12.11.09 Btf
9.87
17,493,000
20,500,000 Netherlands 0% 09-13.11.09 Tb
9.87
11.56
20,491,800
11.56
91
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
58.76
Kommunalanleihen
23.42
10.25
2.82
0.51
OTHER NET ASSETS
TOTAL NET ASSETS
95.76
4.24
100.00
92
CMI Global Bond
Quantity Anzahl
% of Net
Market
Assets
Value GBP
- % des
Marktwert
Quantity Anzahl
% of Net
Market
Assets
Value GBP
- % des
Marktwert
40,000 Daimler Int 7.875 09-16.1.14
Bonds Anleihen
100,000 Australia 5.75% 07-15.5.21
90,000 Nab 4.75% 09-15.07.16
Belgium - Belgien
100,000 Belgium 3.75% 05-28.09.15
Olo46
Edf 6.5% 09-26.1.19
France 3.5% 04-25.4.15 Oat
France 4% 03-25.10.14 Oat
France Oat 4% 04-25.04.55
Psa Fin 8.5% 09-4.5.12
Rci Bk 8.125% 09-15.5.12
24,023
110,656
42,623
432,463
678,849
377,069
110,224
39,636
372,536
213,839
90,996
72,443
48,789
455,628
250,219
50,784
1,140,618
83,015
Ireland - Irlande
60,000 Ut2 Funding 5.321%
06-30.06.16
34,960
Italy - Italien
110,000
450,000
200,000
655,000
Italy
Italy
Italy
Italy
2.5% 09-1.7.12 Btp
3.75% 06-01.08.21 Btp
3.75% 08-15.12.13 Btp
5% 07-1.8.39 Btp
Japan 1.3% 05-20.03.15 N.269
Japan 1.3% 08-20.3.18
Japan 1.40% 01-20.6.11 Nr.233
Japan 1.5% 04-20.3.14 No.259
Japan 1.7% 07-20.9.17 S.288
Japan 1.8% 00-20.12.10 N226
Japan 2.10% 08-20.9.28
Japan 2.2% 04-20.3.24 N.68
0.51
3.57
60,000 Altria Grp 9.25% 09-6.8.19
150,000 Goldman Sach 5.375% 08-13
Emtn
225,000 Ibrd 3.5% 08-08.10.2013
75,000 Roche Hldg 5% 09-1.3.14 Reg-s
190,000 Usa 8.125% 91-21 Bonds
45,856
143,764
0.30
0.93
145,813
50,167
167,991
0.94
0.32
1.08
101,319
395,647
189,351
619,171
Canada - Kanada
0.72
110,932
EN-Emirates arabes - Vereinigte
Arabische
0.28
2.79
4.38
2.43
0.71
0.26
250,000 Mubadala Dev5.75%
09-6.5.10regs
2.40
1.38
164,783
0.59
0.47
0.31
2.94
1.61
0.33
7.90
Norway - Norwegen
7.36
0.54
60,000 Statoilhydro 5.25% 09-15.04.19
0.23
100,000 Ex-imp Bk Kr 5.875% 09-14.1.15
Pfizer 5.35% 09-15.3.15
Usa 1.375% 09-15.5.12 Tbo
Usa 1.75% 09-31.1.14 Tbo
Usa 2.75% 08-31.10.13 R-2013
Usa 2.75% 09-15.2.19 B-2019
Usa 3.5% 09-15.02.39
Usa 3.625%
09-15.08.19s.e-2019
385,000 Usa 4.375% 08-15.2.38 Tbo
130,000 Usa 4.5% 06-15.02.36
55,000 Verizon Com 6.35% 09-1.4.19
0.66
2.55
1.22
4.00
3.98
1.09
5.57
8.30
3.30
2.28
1.26
0.95
0.41
0.26
39,861
0.26
0.42
65,451
75,000
545,000
355,000
537,900
115,000
925,000
720,000
0.41
0.41
63,972
0.23
4.09
1.56
0.41
63,655
100,000 Anz Natl Intl 3.25% 09-2.4.12
Reg S
0.32
0.48
5.65
633,811
241,233
100,000 Arcelor Mittal 5.375%08-1.6.13
1.06
0.80
49,517
74,955
Japan - Japan
91,000,000 Japan 2%07-20.3.27 No 93(20y)
33,500,000 Japan 2.4% 07-20.03.37 N.26
0.72
1.06
75,000 Dt.bk Ln 4.875% 08-20.5.13
75,000 Hsbc Hldg 6% 09-10.6.19
26.73
616,363
169,287
862,647
1,286,229
511,036
353,402
195,974
146,421
180,000 Canada 4% 06-1.6.17
8.43
Japan - Japan
86,000,000
24,000,000
122,000,000
178,000,000
70,000,000
50,000,000
28,000,000
20,000,000
0.16
0.71
6.25
1,210,000 Greece 4% 08-20.8.13 S.5y
100,000 Greece 4.5% 05-20.9.37 (30y)
79,462
Bonds Anleihen
3.78
120,000 Anglo Amer9.375%
09-8.4.19regs
70,000 Great-brit.4.25% 08-49tsy Gilt
100,000 Roy.bk Scotld Frn 06-11.04.16
430,000 Uk Tsy 4% 06-7.9.16 Tsy
245,000 Uk Tsy 4.25% 03-36
50,000 Vodafone 6.25% 09-15.1.16
0.51
900,000 Sweden 3% 05-12.07.16
10.85
390,000 Germany 3.5% 08-12.4.2013
230,000 Germany 3.5% 09-04.07.19
0.62
0.87
France - Frankreich
60,000
457,004
700,000
420,000
110,000
40,000
0.61
0.27
0.62
95,528
180,000 Denmark 5% 02-15.11.2013
900,000 Denmark 6% 98-09
0.36
0.55
0.61
95,076
Canada - Kanada
130,000 Canada 5.75% 01-1.6.33
Sweden - Schweden
0.91
56,091
85,150
0.27
41,564
0.42
15.34
51,246
338,912
217,210
344,101
68,076
521,088
458,496
0.33
2.19
1.40
2.22
0.44
3.36
2.96
252,342
86,872
37,807
1.63
0.56
0.25
93
CMI Global Bond
% of Net
Market
Assets
Value GBP
- % des
Marktwert
Quantity Anzahl
Bonds Anleihen
20,000 Holcim Us 6% 09-30.12.19 Reg-s
OTHER NET ASSETS
TOTAL NET ASSETS
0.08
12,717
0.08
14,979,716
96.68
514,514
3.32
15,494,230
100.00
94
CMI Global Bond
30. September 2009
Sector
Sektor
Kommunalanleihen
% of Net
Assets
-% des
Fondsvermögens
86.64
3.01
2.46
1.47
0.94
0.58
0.41
0.33
0.30
0.28
Petrol - Treibstoff
0.26
OTHER NET ASSETS
TOTAL NET ASSETS
96.68
3.32
100.00
95
CMI Global Mixed
Quantity Anzahl
Market
Value GBP
Marktwert
GBP
% of Net
Assets
- % des
Fondsvermögens
Quantity Anzahl
Market
Value GBP
Marktwert
GBP
Ireland - Irlande
8,156 Covidien Plc
SharesAktien
Transferable securities admitted to an official stock
exchange - Amtlich notierte Wertpapiere
35,385 Anz Banking Group
0.97
472,874
Belgium - Belgien
Brazil - Brasilien
7,400 Hypermarcas Sa
33,300 Itau Unibanco Holding Sa
19,300 Vale / -a- /sadr
363,289
0.74
86,245
406,607
244,652
1.51
0.18
0.83
0.50
Cyprus - Zypern
49,106 Marfin Popular Bank Public Co
0.73
359,425
0.73
136,332
0.28
0.28
3,243 Carlsberg As B
1,417 Vestas Wind Systems As / Reg
Axa
France Telecom Sa
Pernod-ricard
Saint-gobain
Sanofi-aventis
Total Sa
Vivendi
294,465
340,102
258,872
315,198
308,488
749,099
193,770
Arm Holdings Plc
Barclays Plc
Bhp Billiton Plc
Bp Plc
Dana Petroleum Plc
Glaxosmithkline Plc
Persimmon Plc
Rio Tinto Plc /reg.
Tesco Plc
Vodafone Group Plc
380,831
218,250
195,882
339,765
267,346
805,372
170,564
555,572
123,534
102,184
401,151
420,040
299,374
474,862
0.40
0.69
0.55
1.65
0.35
1.14
0.25
0.21
0.82
0.86
0.61
0.97
131,624
0.27
283,702
0.58
182,852
KB Financial Group Inc
Lotte Shopping Ltd
Nhn Corporation
Samsung
El./sp.gdr(1/2vot144a)
Syngenta Ag /nam.
Ubs Ag /namensaktien
Zurich Financial Services/nam
0.37
Taiwan - Taiwan
0.37
5,489 Au Optronics Corp /adr
0.39
0.31
0.53
0.56
1.06
305,623
211,890
12,864
2,370
26,323
3,491
0.80
0.42
1.79
190,112
148,499
260,826
275,271
Spain - Spanien
17,812 Repsol Ypf Sa. Madrid
12,271 Telefonica Sa
0.71
0.46
1.22
389,426
204,939
6,071
887
2,851
1,295
0.85
India - Indien
5,037 Housing Devt /dematerialised
66,500 Dbs Group Holdings Ltd
143,000 Singapore Telec/board Lot
1000
0.36
0.36
1.17
346,624
227,246
0.78
0.45
0.57
0.72
177,765
174,280
65,250 Aegon Nv
22,054 Koninklijke Kpn Nv /eur 0.24
0.47
0.57
278,706
Mexico - Mexiko
22,000 Cemex /adr
7,400 Desarroll.homex Sab De Cv/adr
8.50
98,000 China Overseas
Land+investment
31,000 Sun Hung Kai Properties Ltd
0.60
0.70
0.53
0.64
0.63
1.53
0.40
1.23
135,091
90,980
15,566
144,773
12,020
44,931
329,424
22,070
14,885
27,382
75,163
337,740
226,400 Genting Berhad
0.60
0.00
0.16
0.42
0.59
0.51
0.00
0.62
0.52
0.49
0.43
0.43
0.56
0.57
0.67
0.47
227,697
Malaysia - Malaysia
5.03
14,284 E.on - Namen Akt.
4,225 Man Se
20,928 Shire Plc
0.30
0.13
0.31
0.58
6.57
291,879
845
80,130
204,368
288,220
249,028
8
303,414
255,527
239,960
212,484
209,090
271,375
277,499
326,649
Jersey - Jersey
0.43
146,931
63,767
France - Frankreich
17,510
20,535
5,252
9,705
6,743
20,077
10,108
0.57
0.60
0.87
Canon Inc.
Familymart Co Ltd
Japan Tobacco Inc.
Kddi Corp.
Lopro Corp
Mitsui & Co Ltd
Nomura Holdings Inc
Obayashi Corp.
Panasonic Corp
Toyota Motor Corp.
0.32
0.89
153,005
280,300
Japan - Japan
11,600
90
4,000
15,300
135
71
50
31,000
31,400
62,600
78,000
22,800
75,000
34,100
13,200
2.04
278,490
295,076
422,691
China - China
768,000 Ind & Com Boc -h-
25,353 Banco Popolare Soc. Coop.
100,715 Intesa Sanpaolo Spa
0.44
0.32
155,786
Italy - Italien
0.97
0.74
Canada - Kanada
16,183 Cameco Corp.
20,728 Nexen Inc
13,861 Ultra Petroleum
0.44
217,159
Israel - Israel
4,900 Teva Phm./adr Rep.1shs
% of Net
Assets
- % des
Fondsvermögens
0.63
0.43
3.20
404,368
337,747
300,641
523,407
0.83
0.69
0.61
1.07
0.58
33,341
0.07
96
CMI Global Mixed
Quantity Anzahl
37,404 Taiwan
Semiconduct.manuf/sadr
Market
Value GBP
Marktwert
GBP
% of Net
Assets
- % des
Fondsvermögens
250,661
0.51
Belgium - Belgien
0.62
100,000 Belgium 3.75%05-28.09.15
Olo46
Thailand - Thailand
131,700 Bangkok Bank Public /foreign
301,134
5,821
11,830
10,386
9,161
4,666
22,456
3,802
12,584
8,571
10,369
7,359
17,312
32,611
15,697
3,574
6,579
6,128
7,105
18,771
2,376
8,124
7,166
21,667
19,549
7,439
3,837
290
4,619
13,420
34,737
11,095
21,342
10,491
7,490
10,335
20,255
14,684
27,635
12,692
13,728
11,673
40,434
13,788
7,201
11,927
6,923
26,129
9,307
7,525
5,307
13,970
3,706
10,546
10,507
7,069
Bonds Anleihen
Airgas Inc.
Amphenol Corporation -aAnsys Inc
Aon Corp
Apple Inc
Broadcom Corp -aBrunswick Corp
Caterpillar Inc.
Cbs Corp -b- /when Issued
Cisco Systems Inc.
Conocophillips
Corn Products Intl
Cummins Inc
Deere & Co.
Delta Air Lines
Exelon Corp
Exxon Mobil Corp
Fidelity National Financial A
Gap Inc.
Genuine Parts Co
Google Inc A
Grainger Inc..ww
Hewlett-packard Co.
Intel Corp.
Johnson & Johnson
Jpmorgan Chase & Co
Kellogg Co
Kimberly Clark Corp
Kohl S Corp.
Lennar Corp. -aMetlife Inc
Microsoft Corp
Oracle Corp
Parker-hannifin
Pfizer Inc.
Ppl Corp
Qualcomm Inc.
Range Resources
State Street Corp
Suntrust Banks Inc.
Time Warner
Valmont Ind.inc
Wal-mart Stores Inc
Walgreen Co.
Wyeth
175,993
275,159
244,733
234,644
537,223
239,330
166,168
232,360
64,145
227,267
235,839
133,434
471,919
440,853
62,752
230,823
169,290
190,632
107,256
99,860
252,787
307,407
208,179
260,435
173,720
437,486
89,792
257,443
395,407
420,270
419,861
594,888
322,203
268,042
361,959
185,806
351,938
441,961
345,658
180,073
383,590
421,140
262,555
258,996
337,046
214,170
104,672
304,395
105,390
96,344
222,812
198,707
322,452
243,734
213,593
Quantity Anzahl
0.62
Canada - Kanada
29.68
60,000 Canada 5.75% 01-1.6.33
0.36
0.56
0.50
0.48
1.10
0.49
0.34
0.47
0.13
0.46
0.48
0.27
0.97
0.90
0.13
0.47
0.35
0.39
0.22
0.20
0.52
0.63
0.43
0.53
0.36
0.89
0.18
0.53
0.81
0.86
0.86
1.22
0.66
0.55
0.74
0.38
0.72
0.90
0.71
0.37
0.78
0.86
0.54
0.53
0.69
0.44
0.21
0.62
0.22
0.20
0.46
0.41
0.66
0.50
0.44
440,000 Denmark 5% 02-15.11.2013
58,722
39,071
47,315
353,971
57,297
377,069
100,204
34,681
1.36
0.93
0.05
185,946
0.38
1.83
75,830
0.15
48,789
429,138
291,071
50,784
0.10
0.88
0.60
0.10
1.87
914,379
Ireland - Irlande
70,000 Ut2 Funding 5.321%
06-30.06.16
Italy
Italy
Italy
Italy
2.5% 09-1.7.12 Btp
3.75% 06-01.08.21 Btp
3.75% 08-15.12.13 Btp
5% 07-1.8.39 Btp
40,787
Japan 1.3% 05-20.03.15 N.269
Japan 1.3% 08-20.3.18
Japan 1.40% 01-20.6.11 Nr.233
Japan 1.5% 04-20.3.14 No.259
Japan 1.7% 07-20.9.17 S.288
Japan 2.10% 08-20.9.28
Japan 2.2% 04-20.3.24 N.68
0.06
0.17
0.09
0.33
0.16
79,462
50,000 Altria Grp 9.25% 09-6.8.19
100,000 Goldman Sach 5.375% 08-13
Emtn
210,000 Ibrd 3.5% 08-08.10.2013
65,000 Roche Hldg 5% 09-1.3.14 Reg-s
91,000 Usa 8.125% 91-21 Bonds
0.60
0.46
1.93
2.44
0.37
1.15
0.38
0.42
41,565
162,977
Sweden - Schweden
900,000 Sweden 3% 05-12.07.16
0.44
0.64
0.58
1.07
7.33
293,848
225,716
943,962
1,192,291
182,513
559,925
183,026
40,000 Daimler Int 7.875 09-16.1.14
180,000 Netherlands 3.75% 06-15.1.23
0.08
2.73
216,455
312,121
284,027
519,914
Japan - Japan
41,000,000
32,000,000
133,500,000
165,000,000
25,000,000
80,000,000
25,000,000
1.87
0.08
Italy - Italien
235,000
355,000
300,000
550,000
0.08
0.10
0.72
0.12
0.77
0.21
0.07
453,730
23,587
970,000 Greece 4% 08-20.8.13 S.5y
0.12
2.07
100,000 Anglo Amer9.375%
09-8.4.19regs
100,000 Roy.bk Scotld Frn 06-11.04.16
405,000 Uk Tsy 4% 06-7.9.16 Tsy
285,000 Uk Tsy 4.25% 03-36
50,000 Vodafone 6.25% 09-15.1.16
0.09
0.12
475,000 Germany 3.5% 08-12.4.2013
25,000 Germany 3.5% 06-8.4.11
S.148
200,000 Germany 3.5% 09-04.07.19
0.23
28,045
85,151
Edf 6.5% 09-26.1.19
France 3.5% 04-25.4.15 Oat
France 4% 03-25.10.14 Oat
France 4% 07-25.4.18 Oat
France Oat 4% 04-25.04.55
Psa Fin 8.5% 09-4.5.12
Rci Bk 8.125% 09-15.5.12
0.19
0.09
44,090
France - Frankreich
55,000
50,000
365,000
60,000
420,000
100,000
35,000
% of Net
Assets
- % des
Fondsvermögens
0.19
95,076
50,000 Australia 5.75% 07-15.5.21
90,000 Nab 4.75% 09-15.07.16
Market
Value GBP
Marktwert
GBP
0.16
0.81
38,214
95,842
0.08
0.20
136,092
43,478
80,459
0.28
0.09
0.16
97
CMI Global Mixed
Market
Value GBP
Marktwert
GBP
% of Net
Assets
- % des
Fondsvermögens
Quantity Anzahl
Bonds Anleihen
Canada - Kanada
220,000 Canada 4% 06-1.6.17
164,783
65,000 Dt.bk Ln 4.875% 08-20.5.13
75,000 Hsbc Hldg 6% 09-10.6.19
338,446
220,000
750,000
635,000
470,000
100,000
65,000
Share Anleihen
Pfizer 5.35% 09-15.3.15
Usa 1.375% 09-15.5.12 Tbo
Usa 1.75% 09-31.1.14 Tbo
Usa 2.75% 08-31.10.13
R-2013
Usa 2.75% 09-15.2.19 B-2019
Usa 3.5% 09-15.02.39
Usa 3.625%
09-15.08.19s.e-2019
Usa 4.375% 08-15.2.38 Tbo
Usa 4.5% 06-15.02.36
Verizon Com 6.35% 09-1.4.19
0.03
12,717
0.03
Bonds Anleihen
0.09
0.15
Japan - Japan
55,000,000 Japan 1.90% 06-20.06.16
No. 280
0.69
0.09
0.83
TOTAL INVESTMENT PORTFOLIO- 48,381,077
98.99
OTHER NET ASSETS
0.13
TOTAL NET ASSETS
0.06
0.83
408,341
491,449
1.01
48,872,526
100.00
0.13
65,451
60,000
545,000
155,000
588,200
Transferable securities and money market instruments dealt on other
regulated markets - An einem anderen geregelten Marktgehandelte
Wertpapiere
0.34
0.06
26,574
100,000 Ex-imp Bk Kr 5.875%
09-14.1.15
0.34
0.13
63,972
Norway - Norwegen
40,000 Statoilhydro 5.25%
09-15.04.19
Bonds Anleihen
0.09
44,558
100,000 Anz Natl Intl 09-2.4.12 Reg S
20,000 Holcim Us 6% 09-30.12.19
Reg-s
0.69
70,000 Arcelor Mittal 5.375%08-1.6.13
Quantity Anzahl
0.28
0.24
42,915
74,955
Japan - Japan
47,000,000 Japan 2.4% 07-20.03.37 N.26
% of Net
Assets
- % des
Fondsvermögens
0.28
135,584
250,000 Mubadala
Dev5.75%09-6.5.10regs
Market
Value GBP
Marktwert
GBP
0.13
4.56
40,997
338,911
94,838
376,279
0.08
0.69
0.19
0.77
130,233
422,504
404,368
0.27
0.87
0.83
308,054
66,824
44,681
0.63
0.14
0.09
Transferable securities and money market instruments dealt on other
regulated markets - An einem anderen geregelten Marktgehandelte
Wertpapiere
Brazil - Brasilien
27,727 Cia Bras Meios
167,674
0.34
98
CMI Global Mixed
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
Kommunalanleihen
23.78
11.92
Petrol - Treibstoff
6.33
5.50
4.64
4.58
4.46
Warenhäuser
3.98
3.58
3.41
2.94
2.88
2.48
2.24
2.05
1.81
1.47
1.16
Elektronik
1.10
Chemicals - Chemie
1.05
1.03
0.93
0.82
0.79
Leisure - Freizeit
0.57
0.55
0.55
0.53
0.52
Healthcare, education and social services - Gesundheit Bildung
und soziale Einri
0.46
0.40
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
0.28
0.20
OTHER NET ASSETS
TOTAL NET ASSETS
98.99
1.01
100.00
99
CMI Global Equity
Quantity Anzahl
% of Net
Market
Assets
Value GBP
- % des
Marktwert
Quantity Anzahl
% of Net
Market
Assets
Value GBP
- % des
Marktwert
Ireland - Irlande
3,527 Covidien Plc
Shares Aktien
Israel - Israel
2,000 Teva Phm./adr Rep.1shs
13,372 Anz Banking Group
1.15
178,699
Belgium - Belgien
Brazil - Brasilien
2,359 Hypermarcas Sa
14,502 Itau Unibanco Holding Sa
10,700 Vale / -a- /sadr
156,950
1.01
27,494
177,075
135,636
2.18
0.18
1.13
0.87
2.74
121,047
130,184
176,261
China - China
336,000 Ind & Com Boc -h-
64,210
Axa
France Telecom Sa
Pernod-ricard
Saint-gobain
Sanofi-aventis
Total Sa
Vivendi
63,566
27,811
81,041
152,785
131,408
136,927
131,484
319,832
83,025
Arm Holdings Plc
Barclays Plc
Bhp Billiton Plc
Bp Plc
Dana Petroleum Plc
Glaxosmithkline Plc
Persimmon Plc
Rio Tinto Plc /reg.
Tesco Plc
Vodafone Group Plc
0.53
0.83
0.75
2.12
0.30
1.51
0.34
0.27
1.20
1.17
0.78
1.26
1.12
56,410
118,972
India - Indien
2,201 Housing Devt /dematerialised
0.89
0.60
0.36
0.76
0.51
79,900
0.51
KB Financial Group Inc
Lotte Shopping Ltd
Nhn Corporation
Samsung El./sp.gdr(1/2vot144a)
Syngenta Ag /nam.
Ubs Ag /namensaktien
Zurich Financial Services/nam
0.81
0.58
4.35
173,359
146,642
130,693
226,995
Taiwan - Taiwan
2,392 Au Optronics Corp /adr
16,414 Taiwan Semiconduct.manuf/sadr
0.53
0.42
0.74
0.80
1.39
125,873
91,345
5,515
1,029
11,443
1,514
1.07
0.51
2.49
82,170
65,292
114,998
125,626
Spain - Spanien
7,336 Repsol Ypf Sa. Madrid
5,290 Telefonica Sa
0.95
0.63
1.58
166,897
78,823
2,624
390
1,257
591
0.50
0.48
1.58
147,675
98,734
28,500 Dbs Group Holdings Ltd
55,000 Singapore Telec/board Lot 1000
0.77
0.98
77,571
75,364
27,799 Aegon Nv
9,582 Koninklijke Kpn Nv /eur 0.24
0.61
0.77
120,026
Mexico - Mexiko
9,600 Cemex /adr
3,200 Desarroll.homex Sab De Cv/adr
11.06
83,172
129,057
117,219
330,698
47,040
234,811
52,342
42,036
187,653
181,549
121,454
196,737
42,000 China Overseas Land+investment
13,000 Sun Hung Kai Properties Ltd
0.52
0.98
0.84
0.88
0.85
2.05
0.53
0.82
0.00
0.22
0.57
0.82
0.68
0.00
0.82
0.68
0.61
0.59
0.56
0.77
0.78
0.98
0.61
95,548
Malaysia - Malaysia
97,500 Genting Berhad
0.42
0.76
8.90
128,326
188
34,055
88,159
128,098
105,223
5
127,238
105,792
95,447
92,621
87,121
119,405
122,067
153,426
Jersey - Jersey
8,782 Shire Plc
1.49
138,372
94,222
57,360
34,558
6,825
59,446
3,315
18,990
139,579
9,079
6,963
11,835
30,493
139,927
0.41
0.18
6.65
5,190 E.on - Namen Akt.
1,824 Man Se
0.41
Canon Inc.
Familymart Co Ltd
Japan Tobacco Inc.
Kddi Corp.
Lopro Corp
Mitsui & Co Ltd
Nomura Holdings Inc
Obayashi Corp.
Panasonic Corp
Toyota Motor Corp.
0.41
1.18
65,498
117,800
Japan - Japan
5,100
20
1,700
6,600
60
30
30
13,000
13,000
24,900
34,000
9,500
33,000
15,000
6,200
0.60
0.41
63,586
Italy - Italien
10,853 Banco Popolare Soc. Coop.
42,327 Intesa Sanpaolo Spa
0.59
France - Frankreich
4,819
9,225
2,666
4,216
2,874
8,572
4,331
1.01
0.41
1,403 Carlsberg As B
618 Vestas Wind Systems As / Reg
0.78
0.83
1.13
1.01
157,248
Cyprus - Zypern
23,128 Marfin Popular Bank Public Co
1.15
1.01
Canada - Kanada
7,034 Cameco Corp.
9,145 Nexen Inc
5,780 Ultra Petroleum
0.60
93,909
1.11
0.94
0.84
1.46
0.80
14,529
109,998
0.09
0.71
100
CMI Global Equity
Quantity Anzahl
% of Net
Market
Assets
Value GBP
- % des
Marktwert
Thailand - Thailand
62,000 Bangkok Bank Public /foreign
0.91
141,764
2,494
5,006
4,406
3,829
2,020
9,616
2,298
5,434
3,726
4,517
3,103
7,504
14,992
6,536
1,611
2,855
2,628
2,991
7,226
984
3,579
2,904
9,378
10,812
3,099
1,683
386
2,701
5,822
13,435
4,866
8,868
4,543
3,155
4,513
8,784
6,166
12,226
6,024
5,752
5,092
17,375
6,585
3,123
5,678
3,036
11,271
4,073
3,259
4,220
6,190
1,581
4,610
4,534
3,030
Airgas Inc.
Amphenol Corporation -aAnsys Inc
Aon Corp
Apple Inc
Broadcom Corp -aBrunswick Corp
Caterpillar Inc.
Cbs Corp -b- /when Issued
Cisco Systems Inc.
Conocophillips
Corn Products Intl
Cummins Inc
Deere & Co.
Delta Air Lines
Exelon Corp
Exxon Mobil Corp
Fidelity National Financial A
Gap Inc.
Genuine Parts Co
Google Inc A
Grainger Inc..ww
Hewlett-packard Co.
Intel Corp.
Johnson & Johnson
Jpmorgan Chase & Co
Kellogg Co
Kimberly Clark Corp
Kohl S Corp.
Lennar Corp. -aMetlife Inc
Microsoft Corp
Oracle Corp
Parker-hannifin
Pfizer Inc.
Ppl Corp
Qualcomm Inc.
Range Resources
State Street Corp
Suntrust Banks Inc.
Time Warner
Valmont Ind.inc
Wal-mart Stores Inc
Walgreen Co.
Wyeth
Quantity Anzahl
% of Net
Market
Assets
Value GBP
- % des
Marktwert
0.91
41.60
75,404
116,437
103,822
98,073
232,574
102,485
100,435
100,337
27,885
99,003
99,444
57,838
216,951
183,565
28,286
100,167
72,600
80,250
41,289
41,356
111,364
124,576
90,105
144,039
72,370
191,892
119,516
150,542
171,539
162,545
184,141
247,187
139,526
112,907
158,057
80,579
147,783
195,528
164,060
75,450
167,330
180,969
125,394
112,324
160,455
93,922
45,151
133,212
45,643
76,611
98,726
84,770
140,954
105,177
91,553
0.48
0.75
0.67
0.63
1.49
0.66
0.64
0.64
0.18
0.64
0.64
0.37
1.39
1.18
0.18
0.64
0.47
0.52
0.27
0.27
0.71
0.80
0.58
0.92
0.46
1.23
0.77
0.97
1.10
1.04
1.18
1.59
0.90
0.72
1.01
0.52
0.95
1.25
1.05
0.48
1.07
1.16
0.81
0.72
1.03
0.60
0.29
0.86
0.29
0.49
0.63
0.54
0.90
0.68
0.59
Shares Aktien
Transferable securities and money market instruments dealt on
other regulated markets - An einem anderen geregelten
Marktgehandelte Wertpapiere
Brazil - Brasilien
12,100 Cia Bras Meios
OTHER NET ASSETS
TOTAL NET ASSETS
0.47
73,172
0.47
15,359,483
98.54
227,987
1.46
15,587,470
100.00
101
CMI Global Equity
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
14.83
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
0.53
0.49
Petrol - Treibstoff
8.04
Kosmetik
7.45
6.04
5.94
Warenhäuser
5.57
5.18
4.59
4.51
4.01
3.98
3.91
3.08
2.59
1.94
Elektronik
1.75
1.73
1.65
1.44
Chemicals - Chemie
1.42
1.32
1.20
1.08
Leisure - Freizeit
0.77
0.75
0.72
0.72
0.68
0.63
OTHER NET ASSETS
TOTAL NET ASSETS
98.54
1.46
100.00
102
CMIG Access 80%
Quantity Anzahl
% of Net
Market
Assets
Value EUR
- % des
Marktwert
Quantity Anzahl
% of Net
Market
Assets
Value EUR
- % des
Marktwert
Spain - Spanien
Shares Aktien
106,854
51,561
41,813
12,448
52,566
Belgium - Belgien
0.06
268,542
Finland - Finnland
40,594 Nokia Oy
0.75
1,193,559
629,044
282,656
234,645
997,177
Bonds Anleihen
0.09
France - Frankreich
France - Frankreich
2,683
1,578
24,919
9,725
6,327
8,570
6,640
26,744
16,353
2,330
2,458
5,140
13,871
2,479
6,116
28,102
6,332
16,646
Air Liquide
Alstom
Axa
Bnp Paribas
Carrefour S.a.
Danone
France Telecom Sa
Gdf Suez
L’Oreal
Saint-gobain
Sanofi-aventis
Vinci
Vivendi
1.44
209,811
79,468
460,379
545,281
199,807
124,265
272,074
486,607
501,628
159,325
170,979
183,395
697,156
173,604
343,413
1,151,901
246,790
350,565
6,159
11,277
11,018
9,073
5,869
2,392
36,553
26,206
2,422
5,781
9,703
10,020
689
Basf Se
Bayer
E.on - Namen Akt.
Muenchener
Rueckvers/namensakt
Sap Ag
Siemens Ag /nam.
Volkswagen Ag
369,984
323,886
648,494
78,946
Ireland - Irlande
8,646 Crh Plc
Enel
Eni Spa Roma
Intesa Sanpaolo Spa
Telecom Italia Spa
Unicredit S.p.a.
165,398
273,563
381,698
547,092
400,603
192,134
637,533
Aegon Nv
0.08
0.07
0.15
0.02
0.04
235,697
France - Frankreich
Treasury
Bill Schatzbriefe
5.41
23,983,200
Finland - Finnland
19,900,000 France 0% 09-28.1.10 Btf
19,870,150
4.06
5.41
5.32
23,560,572
5.32
0.55
Finland - Finnland
0.06
0.09
0.12
0.09
0.04
0.15
19,900,000 Nordea Bk Fi 0.7% 20.01.10 Cd
0.01
0.07
0.04
0.09
4.49
9.47
17,998,200
23,976,000
23,570,000 Netherlands 0% 09-13.11.09 Tb
5.63
4.49
18,000,000 Germany 0% 09-14.10.09 Tb
24,000,000 Germany 0% 09-13.01.10 Tb
0.05
5.41
5.63
24,960,000
France - Frankreich
Certificate of
4.52
25,000,000 Finland 0% 09-12.1.10 Tb
0.21
44,482
312,674
157,495
415,869
4.52
20,041,290
24,000,000 France 0% 08-19.11.09 Btf
0.05
7,622
25,514
9,358
21,078
Treasury
Bill Schatzbriefe
0.12
0.09
0.12
0.07
0.07
0.03
0.08
0.17
0.06
0.04
Italy - Italien
14,590
88,152
31,975
131,023
158,005
233,957
0.05
0.02
0.10
0.12
0.04
0.03
0.06
0.11
0.11
0.04
0.04
0.04
0.16
0.04
0.08
0.26
0.06
0.08
19,900,000 France 3% 04-12.01.10 Btan
1.13
532,630
408,679
525,779
312,520
310,470
135,004
342,867
767,574
265,233
0.27
0.14
0.06
0.05
0.23
0.06
0.09
406,346
Iberdrola Sa
Telefonica Sa
4.49
19,900,000
France - Frankreich
19,900,000 Bnpp Ar Fr 0% 09-4.2.10 Cd
20,000,000 Calyon 0% 09-3.2.10 Cd
19,861,497
19,947,701
19,850,000 Hsbc Bk 0.39% 09-3.12.09 Cd
19,000,000 Lloyds Bk 1.1% 09-29.1.10 Cd
19,000,000 Nationwide 1.11%
09-28.01.10cd
19,900,000 Rbs 1.18% 09-07.12.09 Cd
11,900,000 Ubs Ln 0.62% 09-21.12.09 Cd
19,900,000 Unicr Ln 0.8% 09-15.03.10 Cd
4.49
8.99
4.49
4.50
24.72
19,850,176
19,000,000
19,000,000
4.48
4.29
4.29
19,900,000
11,900,000
19,900,000
4.49
2.68
4.49
A Statement of changes in the composition of each of the sub funds is available to shareholders on request from the Fund’s Registered Office or Deutsche Bank A.G., Alfred Herrhausen
Allee 16-24, D-65760 Eschborn. Eine Aufstellung der Veränderungen im Wertpapierbestand eines jeden Fonds ist für Anteilsinhaber auf Anfrage vom Gesellschaftsitz des Fonds oder über
die Deutsche Bank A.G., Alfred Herrhausen Allee 16- 24, D-65760 Eschborn erhältlich.
103
CMIG Access 80%
Quantity Anzahl
% of Net
Market
Assets
Value EUR
- % des
Marktwert
Ireland - Irlande
20,000,000 Intesa Ie 0% 09-19.02.10 Cd
Commercial
Paper Commercial
Paper
4.50
19,948,892
4.50
France - Frankreich
19,000,000 Socgen 0% 09-22.12.09 Cp
4.28
18,957,717
19,900,000 Abbey Nat Tsy 0%09-29.12.09cp
19,000,000 Bbv Ln 0% 09-18.02.10 Cp
8.76
19,850,502
18,948,094
Sweden - Schweden
20,000,000 Svenska 0% 09-20.10.09 Cp
TOTAL INVESTMENT PORTFOLIOSUMME WERTPAPIERBESTAND
OTHER NET ASSETS
TOTAL NET ASSETS
4.28
4.48
4.28
4.51
19,985,317
4.51
440,494,029
99.41
2,636,616
0.59
443,130,645
100.00
104
CMIG Access 80%
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
43.71
Kommunalanleihen
34.84
9.28
4.29
4.28
0.55
0.51
0.35
Chemicals - Chemie
0.26
Kosmetik
0.20
Petrol - Treibstoff
0.17
0.15
0.15
0.14
0.09
0.08
0.07
Elektronik
0.06
0.06
0.05
0.04
Warenhäuser
0.04
0.04
OTHER NET ASSETS
TOTAL NET ASSETS
99.41
0.59
100.00
105
Quantity Anzahl
% of Net
Market
Assets
Value EUR
- % des
Marktwert
Quantity Anzahl
% of Net
Market
Assets
Value EUR
- % des
Marktwert
Spain - Spanien
Shares Aktien
Belgium - Belgien
1.30
117,474
Finland - Finnland
18,980 Nokia Oy
Air Liquide
Alstom
Axa
Bnp Paribas
Carrefour S.a.
Danone
France Telecom Sa
Gdf Suez
L’Oreal
Saint-gobain
Sanofi-aventis
Vinci
Vivendi
Basf Se
Bayer
E.on - Namen Akt.
Sap Ag
Siemens Ag /nam.
Volkswagen Ag
Enel
Eni Spa Roma
Intesa Sanpaolo Spa
Telecom Italia Spa
Unicredit S.p.a.
Aegon Nv
93.79
1.08
0.42
2.19
2.72
1.01
0.63
1.37
2.33
2.48
0.84
0.89
0.84
3.37
0.93
1.71
5.59
1.18
1.71
OTHER NET ASSETS
562,493
6.21
TOTAL NET ASSETS
9,054,745
100.00
2.58
2.02
2.57
1.63
1.67
0.65
1.70
3.65
1.31
1.75
1.60
3.21
0.40
0.80
1.36
1.85
2.68
1.88
0.92
2.96
1.25
113,258
4,970
11,519
4,338
9,297
8,492,252
11.65
123,506
167,761
242,295
170,135
83,284
267,886
5.68
2.96
1.42
1.12
4.77
0.80
72,369
Italy - Italien
6,587
38,744
14,161
55,645
68,490
98,307
15.95
514,323
268,119
128,055
101,620
431,909
24.74
234,015
183,012
232,683
147,907
151,453
58,472
153,550
330,801
118,709
158,208
145,136
290,398
36,322
Ireland - Irlande
3,783 Crh Plc
2.10
31.29
97,985
38,223
198,810
245,979
91,582
56,753
123,785
211,317
224,633
75,970
80,411
76,070
304,827
83,826
155,255
506,513
106,558
154,496
2,706
5,050
4,876
4,294
2,863
1,036
16,370
11,294
1,084
2,472
4,348
4,487
317
1.30
Iberdrola Sa
Telefonica Sa
2.10
189,990
France - Frankreich
1,253
759
10,761
4,387
2,900
3,914
3,021
11,614
7,323
1,111
1,156
2,132
6,065
1,197
2,765
12,357
2,734
7,336
46,045
21,977
18,943
5,391
22,768
1.25
4.71
29,005
141,165
73,009
183,430
0.32
1.56
0.81
2.02
106
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
21.77
11.82
11.15
7.76
6.24
Chemicals - Chemie
5.67
Kosmetik
4.21
Petrol - Treibstoff
3.80
3.39
3.21
2.82
2.03
1.71
1.60
Elektronik
1.35
1.30
1.25
Warenhäuser
1.01
0.89
0.81
OTHER NET ASSETS
TOTAL NET ASSETS
93.79
6.21
100.00
107
Quantity Anzahl
% of Net
Market
Assets
Value EUR
- % des
Marktwert
Investment
France - Frankreich
1,145 Easyetf Eurmts Eonia /cap
3,246 Easyetf Euro Stx 50 -b1-/cap.
3,538 Lyxor Etf Dj Eur.stoxx 50
20.92
158,437
109,147
106,069
8.87
6.11
5.94
3,366 Ishares Dj Euro Stoxx 50(de)
5.49
98,119
5.49
Ireland - Irlande
3,386 Ishares Ii/ Dj Euro Stoxx 50
5.51
98,363
5.51
3,361 Db X-t Djeur- 1d-
Treasury
Bill Schatzbriefe
5.59
99,956
5.59
France - Frankreich
250,000 France 0% 08-19.11.09 Btf
Treasury
Bill Schatzbriefe
13.98
249,825
13.98
180,000 Germany 0% 09-13.01.10 Tb
10.07
179,820
215,000 Netherlands 0% 09-13.11.09 Tb
10.07
12.03
214,914
12.03
Investment
funds Anlagefonds Other transferable securities - Sonstige Wertpapiere
1,086 Bnp P Insticash Inst./cap
OTHER NET ASSETS
TOTAL NET ASSETS
8.40
150,044
8.40
1,464,694
81.99
321,686
18.01
1,786,380
100.00
108
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
45.91
Kommunalanleihen
36.08
81.99
OTHER NET ASSETS
18.01
TOTAL NET ASSETS
100.00
109
CMIG Access 80% Austrian
Quantity Anzahl
% of Net
Market
Assets
Value EUR
- % des
Marktwert
Quantity Anzahl
% of Net
Market
Assets
Value EUR
- % des
Marktwert
Investment
funds Anlagefonds
150,000
100,000
100,000
100,000
100,000
100,000
580 Ishares Atx(de)
0.55
15,445
0.55
Hsbc Bk 0.39% 09-3.12.09 Cd
Lloyds Bk 1.1% 09-29.1.10 Cd
Nationwide 1.11% 09-28.01.10cd
Rbs 1.18% 09-07.12.09 Cd
Ubs Ln 0.62% 09-21.12.09 Cd
Unicr Ln 0.8% 09-15.03.10 Cd
France - Frankreich
100,000 France 3% 04-12.01.10 Btan
3.56
100,710
3.56
Commercial
Paper Commercial
Paper
3.53
99,745
100,000 Socgen 0% 09-22.12.09 Cp
France - Frankreich
100,000 France 0% 08-19.11.09 Btf
Treasury
Bill Schatzbriefe
100,000 Abbey Nat Tsy 0%09-29.12.09cp
100,000 Bbv Ln 0% 09-18.02.10 Cp
3.54
99,930
3.54
OTHER NET ASSETS
Finland - Finnland
7.07
199,680
France - Frankreich
100,000 France 0% 09-28.1.10 Btf
3.53
99,927
3.53
2,553,864
90.37
272,055
9.63
2,825,919
100.00
3.53
17.33
149,850
339,966
100,000 Netherlands 0% 09-13.11.09 Tb
TOTAL NET ASSETS
3.53
3.53
3.53
99,850
150,000 Germany 0% 09-13.01.10 Tb
340,000 Germany 0% 09-14.10.09 Tb
7.07
3.53
7.06
99,751
99,727
Sweden - Schweden
100,000 Svenska 0% 09-20.10.09 Cp
200,000 Finland 0% 09-12.1.10 Tb
3.53
99,777
3.53
France - Frankreich
Treasury
Bill Schatzbriefe
5.30
3.54
3.54
3.54
3.54
3.54
Ireland - Irlande
100,000 Intesa Ie 0% 09-19.02.10 Cd
Bonds Anleihen
23.00
150,001
100,000
100,000
100,000
100,000
100,000
5.30
12.03
3.54
99,960
3.54
Certificate of
Finland - Finnland
100,000 Nordea Bk Fi 0.7% 20.01.10 Cd
3.54
100,000
France - Frankreich
100,000 Bnpp Ar Fr 0% 09-4.2.10 Cd
100,000 Calyon 0% 09-3.2.10 Cd
3.54
7.06
99,806
99,739
3.53
3.53
110
CMIG Access 80% Austrian
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
Kommunalanleihen
38.57
37.12
7.06
3.54
3.53
0.55
90.37
OTHER NET ASSETS
TOTAL NET ASSETS
9.63
100.00
111
Quantity Anzahl
% of Net
Market
Assets
Value EUR
-% des
Marktwert
Quantity Anzahl
% of Net
Market
Assets
Value EUR
-% des
Marktwert
Spain - Spanien
Shares Aktien
Belgium - Belgien
533 Anheuser-bush Inbev Sa
0.38
16,813
Finland - Finnland
2,584 Nokia Oy
172
105
1,526
618
405
571
422
1,660
1,024
150
159
321
862
160
393
1,753
396
1,029
France - Frankreich
Air Liquide
Alstom
Axa
Bnp Paribas
Carrefour S.a.
Danone
France Telecom Sa
Gdf Suez
L’Oreal
Saint-gobain
Sanofi-aventis
Vinci
Vivendi
Basf Se
Bayer
E.on - Namen Akt.
Sap Ag
Siemens Ag /nam.
Volkswagen Ag
0.59
0.59
13,450
5,288
28,193
34,651
12,790
8,280
17,291
30,204
31,411
10,257
11,060
11,453
43,324
11,205
22,067
71,856
15,434
21,671
9.05
0.30
0.12
0.64
0.79
0.29
0.19
0.39
0.68
0.71
0.23
0.25
0.26
0.98
0.25
0.50
1.63
0.35
0.49
7.17
32,862
25,585
32,593
20,047
22,271
8,410
21,471
47,684
16,536
22,784
20,596
40,579
5,156
Ireland - Irlande
541 Crh Plc
Italy - Italien
913
5,441
1,986
8,079
9,638
13,555
Enel
Eni Spa Roma
Intesa Sanpaolo Spa
Telecom Italia Spa
Unicredit S.p.a.
586 Arcelormittal Sa /prov.fusion
567
1,597
606
1,304
Aegon Nv
0.74
0.58
0.74
0.45
0.50
0.19
0.49
1.08
0.37
0.52
0.47
0.92
0.12
4.69
206,936
4.69
4.74
209,479
4.74
Treasury
Bill Schatzbriefe
4.75
209,816
4.75
France - Frankreich
130,000 France 0% 08-19.11.09 Btf
Treasury
Bill Schatzbriefe
2.94
129,909
2.94
100,000 Germany 0% 09-14.10.09 Tb
2.26
99,990
680,000 Netherlands 0% 09-13.11.09 Tb
2.26
15.39
679,728
15.39
Investment
funds Anlagefonds Other transferable securities - Sonstige Wertpapiere
7.21
318,360
7.21
3,783,422
85.66
633,122
14.34
4,416,544
100.00
0.35
1.33
3,309
19,571
10,199
25,728
6.88
4.89
4.76
Ireland - Irlande
0.23
0.39
0.53
0.77
0.56
0.26
0.84
16.53
304,144
215,939
210,190
7,099 Ishares Dj Euro Stoxx 50 (de)
0.35
15,210
1.68
0.88
0.41
0.32
1.41
France - Frankreich
3.35
17,119
23,559
33,980
24,702
11,720
36,937
4.70
74,147
38,857
18,029
14,269
62,108
Investment
0.23
10,349
Iberdrola Sa
Telefonica Sa
0.38
25,866
380
706
683
582
421
149
2,289
1,628
151
356
617
627
45
6,638
3,185
2,667
757
3,274
0.08
0.44
0.23
0.58
OTHER NET ASSETS SONSTIGE
NETTOVERMÖGEN
TOTAL NET ASSETS
112
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
37.92
Kommunalanleihen
20.59
6.38
3.43
3.25
2.22
1.82
Chemicals - Chemie
1.62
Kosmetik
1.21
Petrol - Treibstoff
1.09
0.97
0.92
0.84
0.57
0.49
0.47
0.38
Elektronik
0.37
0.35
Warenhäuser
0.29
0.25
0.23
85.66
OTHER NET ASSETS
14.34
TOTAL NET ASSETS
100.00
113
Quantity Anzahl
% of Net
Market
Assets
Value EUR
- % des
Marktwert
Investment
France - Frankreich
18.19
1,337,098
1,121,394
1,135,373
6.77
5.67
5.75
5.62
1,110,498
5.62
Ireland - Irlande
5.32
1,050,390
5.32
Treasury
Bill Schatzbriefe
5.93
1,172,648
5.93
France - Frankreich
1,955,000 France 0% 08-19.11.09 Btf
Treasury
Bill Schatzbriefe
9.89
1,953,632
9.89
2,765,000 Germany 0% 09-13.01.10 Tb
500,000 Germany 0% 09-14.10.09 Tb
16.51
2,762,235
499,950
2,899,000 Netherlands 0% 09-13.11.09 Tb
13.98
2.53
14.66
2,897,840
14.66
Investment
funds Anlagefonds Other transferable securities -Sonstige Wertpapiere
OTHER NET ASSETS
TOTAL NET ASSETS
7.23
1,429,513
7.23
16,470,571
83.35
3,290,620
16.65
19,761,191
100.00
114
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
42.29
States, provinces and municipalities Staats- und Kommunalanleihen
41.06
83.35
OTHER NET ASSETS
16.65
TOTAL NET ASSETS
100.00
115
Quantity Anzahl
% of Net
Market
Assets
Value EUR
- % des
Marktwert
Investment
France - Frankreich
12.26
224,303
62,711
111,675
6.90
1.93
3.43
3.35
108,759
3.35
Ireland - Irlande
3.40
110,593
3.40
Treasury
Bill Schatzbriefe
1.89
61,383
1.89
France - Frankreich
570,000 France 0% 08-19.11.09 Btf
Treasury
Bill Schatzbriefe
17.52
569,601
17.52
630,000 Germany 0% 09-13.01.10 Tb
310,000 Germany 0% 09-14.10.09 Tb
28.89
629,370
309,969
492,000 Netherlands 0% 09-13.11.09 Tb
19.36
9.53
15.13
491,803
15.13
Investment
funds Anlagefonds Other transferable securities -Sonstige Wertpapiere
OTHER NET ASSETS
TOTAL NET ASSETS
7.02
228,296
7.02
2,908,463
89.46
342,776
10.54
3,251,239
100.00
116
30. September 2009
Sector
Sektor
% of Net
Assets
- % des
Fondsvermögens
Kommunalanleihen
61.54
27.92
89.46
OTHER NET ASSETS
10.54
TOTAL NET ASSETS
100.00
117
INVESTMENT ADVISERS AS AT 30 SEPTEMBER 2009
ANLAGEBERATER ZUM 30. SEPTEMBER 2009
Insight Investment
Management (Global) Limited
33, Old Broad Street,
London, EC2N 1HZ
United Kingdom
CMI Continental European Equity Sub-Fund
CMI German Equity Sub-Fund
CMI UK Equity Sub-Fund
Euro Equity Index Tracking Sub-Fund
Japan Equity Index Tracking Sub-Fund
UK Equity Index Tracking Sub-Fund
US Equity Index Tracking Sub-Fund
CMI Euro Bond Sub-Fund
CMIG Fixed Term Euro Bond Sub-Fund
CMI Japan Bond Sub-Fund
CMI UK Bond Sub-Fund
CMI US Bond Sub-Fund
CMIG Fixed Term US Bond Sub-Fund
CMI Sterling Currency Reserve Sub-Fund
CMI US Dollar Currency Reserve Sub-Fund
CMI Euro Currency Reserve Sub-Fund
CMI Global Bond Sub-Fund
CMI Global Mixed Sub-Fund
CMI Global Equity Sub-Fund
CMIG Access 80% Sub-Fund
Access 80% Guaranteed Sub-Fund
CMIG Access 80% Austrian Sub-Fund
118
Fund Advisers’ market comments six months to 31 March 2009
Marktkommentare der Fondsberater für das Halbjahr zum 31 März 2009
The Japanese equity market suffered considerable
losses over the period, with the FTSE Japan index
closing 29.1% lower in yen, total return terms.
Stocks experienced varying levels of volatility, as
news-flow was dominated by lawmakers in the US.
Earlier in the period Congress announced a
$17.4 billion bailout of the Detroits carmakers,
which sent global markets surging. A strengthening
yen hurt exporters such as Sony and Toyota,
despite the buoying effects of falling energy prices.
Economic data remained weak over the period, with
sentiment among Japan’s largest manufacturers
falling to its lowest in 34 years coupled with exports
falling their fastest in more than 40, as a rapid
deterioration in global demand pushed the country’s trade balance to a record deficit. Sentiment in
the US, Japan’s main export partner, weakened in
the second part of the period, which saw a second
round of bank bailouts while the US government
voted to release further TARP funds. Towards the
end of the period Prime Minister Aso announced a
third new stimulus package, while the IMF increased
its forecast for Japanese economic contraction to
-5.0% yoy from -2.0% yoy.
European equities continued to fall over the period
as financials on both sides of the Atlantic came
under intense pressure and sold off further. Despite
a late rebound at the end of March on an improved
banking sector outlook, the FTSE World Europe
ex-UK index shed 30.3% in euro, total return terms,
over the period. European stocks started the
period amid heightened volatility. The banking crisis
continued, as markets reacted badly to a lack of
policy co-ordination in the eurozone, and the collapse of the Icelandic banking sector. Volatility
remained exceptionally high in November and
despite multi-billion euro bailouts for Fortis, Dexia
and Hypo Real Estate, the banking crisis continued
to rage. The bailouts continued, with a second
round emanating from the US and UK authorities,
as the US government voted to release the second
US$350bn of TARP funds. However, after appearing more resolute at the end of last year, the
eurozone economy deteriorated rapidly. With this
in-mind the ECB continued to cut interest rates
throughout the period, from a starting point of
3.75% to ending the period at 1.50%.
CMI Continental European Equity Teilfonds
Europäische Aktien hatten während des Berichtszeitraums weiter mit Kursverlusten zu kämpfen, da
die Finanztitel auf beiden Seiten des Atlantiks unter
enormen Druck gerieten und weiterhin abverkauft
wurden. Trotz einer späten Erholung, die sich Ende
März dank verbesserter Aussichten für den Bankensektor einstellte, verlor der FTSE World Europe
ex-UK Index im Berichtszeitraum auf Basis der
Gesamtrendite in Euro 30,3%. Europäische Aktien
waren am Anfang des Berichtszeitraums durch eine
erhöhte Volatilität gekennzeichnet. Die Bankenkrise
hielt an, da die Märkte negativ auf eine mangelnde
Koordinierung der Maßnahmen in der Eurozone
sowie auf den Zusammenbruch des isländischen
Bankensektors reagierten. Im November blieb die
Volatilität auf einem außergewöhnlich hohen Niveau,
und trotz milliardenschwerer Finanzspritzen für Fortis, Dexia und Hypo Real Estate spitzte sich die
Bankenkrise immer mehr zu. Weitere staatliche
Rettungsaktionen folgten in den USA und in Großbritannien. So beschloss die US-Regierung die zweite
Runde von TARP-Mitteln in Höhe von 350 Milliarden
US-Dollar. Die Konjunktur in der Eurozone verschlechterte sie sich jedoch rapide, obwohl sie Ende
letzten Jahres noch robuster erschien. Vor diesem
Hintergrund setzte die EZB ihre Zinssenkungen fort
und schraubte den Leitzins im Berichtszeitraum von
anfangs 3,75 % auf 1,50 % herunter.
CMI Japan Enhanced Equity Teilfonds
Auch der japanische Aktienmarkt musste erhebliche Kursverluste hinnehmen, wobei der FTSE Japan
Index auf Basis der Gesamtrendite in Yen -29,1%
verzeichnete. Der Aktienmarkt erlebte eine schwankende Volatilität in Abhängigkeit von den neuesten
Schlagzeilen des US-Gesetzgebers. Zu Beginn des
Berichtszeitraums kündigte der US-Kongress ein
Hilfspaket für die Kfz-Hersteller in Detroit in Höhe
von 17,4 Milliarden US-Dollar an, was die weltweiten
Aktienmärkte beflügelte. Ein starker Yen machte
Exportunternehmen wie Sony und Toyota trotz der
stetig sinkenden Energiepreise zu schaffen. Die
Handelsbilanz des Landes war aufgrund eines
rasanten Einbruchs der weltweiten Nachfrage von
einem Rekorddefizit geprägt, weshalb die Konjunkturdaten im Berichtszeitraum unverändert schwach
blieben. Dabei fiel die Stimmung unter den größten
japanischen Fertigungsunternehmen auf ein 34-Jahres-Tief, während gleichzeitig der stärkste Exporteinbruch seit mehr als 40 Jahren verzeichnet
wurde. In der zweiten Hälfte des Berichtszeitraums,
in dem eine weitere Runde von Bankenrettungen
stattfand und die US-Regierung die Freigabe weiterer TARP-Mittel verabschiedete, kippte die Stimmung in den USA, dem Hauptexportpartner Japans.
Zum Ende des Berichtszeitraums kündigte der japanische Premierminister Aso ein drittes Konjunkturpaket
an,
während
der
IWF
seine
119
Fund Advisers’ market comments six months to 31 March 2009 (continued)
Marktkommentare der Fondsberater für das Halbjahr zum 31 März 2009 (Fortsetzung)
The US equity market found itself at the epicentre of
the downward spiral in equities amid persistent
financial sector concerns and poor economic data.
Over the period the S&P500 lost 30.5%, in US
dollar, total return terms. Barack Obama won the
US presidential election and passed a massive
fiscal stimulus package in January, sending the
S&P 500 on its biggest five-day surge since 1933.
There were numerous interest rate cuts throughout
the quarter, taking rates to an all time low range of
0-0.25%. Bank bailouts became the norm throughout the period, and other sectors were caught in
the contagion, with the automobile sector particularly vulnerable. GM and Chrysler announced they
were struggling for liquidity amid collapsing sales,
forcing them to testify before the Senate Banking
Committee, which resulted in a $17.4 billion loan.
With Citigroup shares coming under severe pressure, falling by 85% during November alone, the US
government stepped in once again, and guaranteed
$269 billion of its assets. However, the picture
improved towards the end of the period, when
several US banks announced that they had witnessed a return to profitability in the new year.
Wachstumsprognose für die japani-sche Wirtschaft
von -2,0 auf -5,0% senkte.
Asian markets showed remarkable resistance compared to their global counterparts, with the FTSE
All-World Asia Pacific ex Japan index losing 17% in
local currency, total return terms. The start of the
period yielded poor economic and business sentiment, as a combination of continuing volatility and a
global fall in demand for exports hurt the region.
Hong Kong stocks had one of their worst months in
more than a decade as fears that a slowing economy would hurt company earnings took hold. In
China, stocks also tumbled to multi-year lows on
fears about corporate profits as Asia’s export-dependent economies reacted to increasingly strong
indicators of a slowdown in the US. In the second
half of the period, Asian stocks rose sharply on
optimism that government measures around the
world would ease the financial crisis. Despite news
that China’s economy had expanded just 6.8% in the
fourth quarter from a year earlier, the country was
at the centre of a late market rally which sent
markets surging.
CMI Pacific Basin Enhanced Equity Teilfonds
Die asiatischen Märkte erwiesen sich im weltweiten
Vergleich als ungewöhnlich robust. Der FTSE AllWorld Asia Pacific ex Japan Index verzeichnete auf
Basis der Gesamtrendite in lokaler Währung -17%.
Der Beginn des Berichtszeitraums war von einer
Eintrübung des Wirtschaftsklimas geprägt, da die
Region mit einer anhaltenden Volatilität sowie einem
weltweiten Einbruch der Exportnachfrage zu k ämpfen hatte. Aufgrund von Befürchtungen, dass eine
Konjunktur-abkühlung zu Einbußen bei den Unternehmensgewinnen führen könnte, verzeichneten
Aktien aus Hongkong einen der schlechtesten
Monate seit mehr als einem Jahrzehnt. Nachdem
Asiens exportab-hängige Volkswirtschaften auf die
zusehends stärkeren Indikatoren für einen
Abschwung in den USA reagiert hatten, fielen chinesische Titel wegen der Angst vor rückläufigen
Unternehmensgewinnen eben-falls auf den tiefsten
Stand seit mehreren Jahren. In der zweiten Hälfte
des Berichtszeitraums schoss der Kurs asiatischer
Aktien in die Höhe, nachdem weltweite Staatshilfen
zur Beendigung der Finanzkrise zu Optimismus
veranlasst hatten. Trotz der Meldungen, dass Chinas Wirtschaft im vierten Quartal im Vergleich zum
Vorjahr nur um 6,8% gewachsen war, stand das
Land im Mittelpunkt einer späten Markterholung,
die für frischen Wind an den Märkten sorgte.
CMI US Enhanced Equity Teilfonds
Vor dem Hintergrund ständiger Sorgen um den
Finanzsektor sowie eingetrübter Konjunkturdaten
stand der US-Aktienmarkt im Mittelpunkt des Soges
einbrechender Aktiennotierungen. Der S&P 500
verlor im Berichtszeitraum auf Basis der Gesamtrendite in US-Dollar 30,5%. Barack Obama gewann
die Präsidentschaftswahlen in den USA und setzte
im Januar ein massives Anreizpaket durch, woraufhin der S&P 500 den größten Fünf-Tages-Anstieg
seit 1933 verzeichnete. Zahlreiche Zinssenkungen
im Quartal führten dazu, dass der Leitzins mit
0-0,25% einen neuen Tiefstand erreichte. Bankenrettungen wurden im Berichtszeitraum zur Norm,
und andere Sektoren, vor allem die Automobilbranche, wurden nunmehr von der Krise erfasst. GM und
Chrysler gaben bekannt, dass sie sich nach verheerenden Umsatzeinbußen in einem Liquiditätsengpass befinden. Beide Unternehmen waren zu
einer Anhörung vor dem Bankenausschuss des
US-Senats gezwungen, woraufhin ihnen ein Kredit
in Höhe von 17,4 Milliarden US-Dollar gewährt wurde. Nachdem die Aktien der Citigroup ernsthaft ins
Straucheln geraten waren (allein im November gab
der Kurs um 85% nach), sprang die US-Regierung
erneut ein und übernahm Garantien in H öhe von
269 Milliarden US-Dollar. Zum Ende des Berichtszeitraums verbesserte sich die Lage jedoch, als
mehrere US-Banken bekannt gaben, dass sie im
120
sterling, total return terms. Economic data showed
that production, corporate and consumer confidence were deteriorating, while unemployment
was rising. There were renewed concerns for the
financial sector — especially the capitalisation of
the banking sector given large losses from marked
down assets and provisioning for bad debts. The
period brought further action from governments
and central banks, including rate cuts and further
measures to shore up banks. China, Japan, the UK
and the US all released details of their stimulus
plans in order to boost ailing demand and arrest the
slump. In the process, many of the world’s foremost
financial institutions were either bailed out, recapitalised, or had their assets guaranteed. However,
the picture improved towards the end of the period,
when several US banks announced that they had
witnessed a return to profitability in the new year as
the S&P500 recorded seven straight weeks of
positive gains.
neuen Jahr in die Gewinnzone zurückgekehrt
waren.
The FTSE World Germany index lost 32.4% in euro,
total return terms over the six months to 31 March
2009. The German equity market suffered in line
with its European counterparts, as concerns that a
deepened global recession would send earnings
lower and impinge on growth. The single European
currency came close to parity over the period with
sterling, and this, coupled with lower demand for its
exports, hurt companies like Daimler and Siemens.
Following the announcement of a third bailout of
Citigroup, Deutsche Bank and Allianz led financials
lower after sentiment rocked the German market.
Volkswagen shares fell heavily after becoming dislocated from fundamentals in a spike that saw its
share price jump almost fivefold. Markets rallied
late in the period on, as sentiment was buoyed by
upbeat news from the US. Banks surged on increased sector optimism after a series of financial
institutions reported a positive start to the year.
CMI Global Equity Teilfonds
Die globalen Aktienmärkte standen schwierigen
Zeiten gegenüber, wobei der FTSE World Index
auf Basis der Gesamtrendite in Sterling 13,6%
verlor. Konjunkturdaten zeigten, dass die Produktionszahlen r ückläufig waren und die Zuversicht der
Unternehmen und Verbraucher zurück ging, während die Arbeitslosigkeit anstieg. Die Finanzbranche musste sich mit anhaltenden Problemen
auseinander setzen — insbesondere mit der Kapitalisierung des Bankensektors vor dem Hintergrund
hoher Abschreibungsverluste und Rückstellungen
für uneinbringliche Kredite. Im Berichtszeitraum
erfolgten weitere Maßnahmen von Regierungen
und Zentralbanken, einschließlich von Zinssenkungen und weiteren Initiativen zur Bankenrettung.
China, Japan, Großbritannien und die USA veröffentlichten Einzelheiten ihrer Konjunkturpläne zur Ankurbelung der Nachfrage und Bekämpfung der
Rezession. Viele der weltweit führenden Finanzinstitute wurden in diesem Zusammenhang vor dem
finanziellen Aus bewahrt, rekapitalisiert oder erhielten Garantien. Zum Ende des Berichtszeitraums
verbesserte sich die Lage jedoch, als mehrere
US-Banken bekannt gaben, dass sie im neuen Jahr
in die Gewinnzone zurückgekehrt waren, während
der S&P 500 in sieben aufeinander folgenden
Wochen Zunahmen verzeichnete.
CMI German Equity Teilfonds
Der FTSE World Germany Index verlor im 6-Monatszeitraum zum 31. März 2009 auf Basis der Gesamtrendite in Euro 32,4%. Nach Bedenken, dass eine
tief greifende weltweite Rezession zu Gewinnund
Wachstumseinbußen führen könnte, geriet der deutsche Aktien-markt — im Einklang mit der europaweiten
Entwicklung — ins
Schlin-gern.
Im
Berichtszeitraum erreichte der Euro nahezu Parität
mit dem britischen Pfund. Diese Entwicklung sowie
eine sinkende Exportnach-frage wirkten sich für
Unternehmen wie Daimler und Siemens nachteilig
aus. Nach der Bekanntgabe eines dritten Rettungspakets für die Citigroup gingen die Aktienkurse der
Deutschen Bank und Allianz in den Keller und zogen
damit die gesamte Finanzbranche nach unten.
Gleichzeitig wurde die Stimmung im deutschen
Markt immer schlechter. Die Volkswagen-Aktie
brach heftig ein, nachdem sie sich v öllig von den
Fundamentaldaten gelöst hatte und sprunghaft auf
das F ünffache ihres Wertes gestiegen war. Positive
Nachrichten aus den USA sorgten für einen Stimmungswechsel, weshalb sich die Märkte gegen
Ende des Berichtszeitraums erholten. Nachdem
eine Reihe von Finanzinstituten einen gelungenen
Start in das neue Jahr hingelegt hatten, verbuchten
Bankwerte aufgrund eines erhöhten Branchenoptimismus deutliche Kursgewinne.
Global equity markets endured a difficult period,
with the FTSE World index shedding 13.6% in
sterling, total return terms. Economic data showed
that production, corporate and consumer confidence were deteriorating, while unemployment
Global equity markets endured a difficult period,
with the FTSE World index shedding 13.6% in
121
was rising. There were renewed concerns for the
financial sector — especially the capitalisation of
the banking sector given large losses from marked
down assets and provisioning for bad debts. The
period brought further action from governments
and central banks, including rate cuts and further
measures to shore up banks. China, Japan, the UK
and the US all released details of their stimulus
plans in order to boost ailing demand and arrest the
slump. In the process, many of the world’s foremost
financial institutions were either bailed out, recapitalised, or had their assets guaranteed. However,
the picture improved towards the end of the period,
when several US banks announced that they had
witnessed a return to profitability in the new year as
the S&P500 recorded seven straight weeks of
positive gains.
Euro Equity Index Tracking Teilfonds
US-Dollar. Die Konjunktur in der Eurozone verschlechterte sie sich jedoch rapide, obwohl sie Ende
letzten Jahres noch robuster erschien. Vor diesem
Hintergrund setzte die EZB ihre Zinssenkungen fort
und schraubte den Leitzins im Berichtszeitraum von
anfangs 3,75% auf 1,50% herunter.
CMI Global Mixed Teilfonds
Die globalen Aktienmärkte standen schwierigen
Zeiten gegenüber, wobei der FTSE World Index
auf Basis der Gesamtrendite in Sterling 13,6%
verlor. Konjunkturdaten zeigten, dass die Produktionszahlen rückläufig waren und die Zuversicht der
Unternehmen und Verbraucher zurück ging, während die Arbeitslosigkeit anstieg. Die Finanzbranche musste sich mit anhaltenden Problemen
auseinander setzen — insbesondere mit der Kapitalisierung des Bankensektors vor dem Hintergrund
hoher Abschreibungsverluste und Rückstellungen
für uneinbringliche Kredite. Im Berichtszeitraum
erfolgten weitere Maßnahmen von Regierungen
und Zentralbanken, einschließlich von Zinssenkungen und weiteren Initiativen zur Bankenrettung.
China, Japan, Großbritannien und die USA veröffentlichten Einzelheiten ihrer Konjunkturpläne zur Ankurbelung der Nachfrage und Bekämpfung der
Rezession. Viele der weltweit führenden Finanzinstitute wurden in diesem Zusammenhang vor dem
finanziellen Aus bewahrt, rekapitalisiert oder erhielten Garantien. Zum Ende des Berichtszeitraums
verbesserte sich die Lage jedoch, als mehrere
US-Banken bekannt gaben, dass sie im neuen Jahr
in die Gewinnzone zurückgekehrt waren, während
der S&P 500 in sieben aufeinander folgenden
Wochen Zunahmen verzeichnete.
122
autumn. However, further negative economic and
corporate news meant negative returns for much of
the first quarter, before a modest rally. The Bank of
England cut rates in each of the six months to leave
these at 0.5%, the lowest since the Bank’s inception
in 1694. Banks were the worst performing sector
due to ongoing concerns over the strength of the
financial sector and continued cash calls. Oil and
mobile telephony stocks performed strongly while
defensives such as food retailers, beverages and
tobacco also did well.
CMI UK Equity Teilfonds
Der FTSE All-Share Index verlor im 6-Monatszeitraum zum 31. März 2009 auf Basis der Gesamtrendite in Sterling 18,3%. Im Vergleich dazu verlor
der Fonds 20,7% (ohne Gebühren). Nachdem weitere Turbulenzen im globalen Finanzsystem zu
anhaltenden Verlusten an den Aktienmärkten
geführt hatten, nahm der im September begonnene Zusammenbruch des Marktes im Oktober
seinen Lauf. Die Kurse stabilisierten sich jedoch
im November ein wenig und stiegen im Dezember
wieder leicht an, während das Volatilitätsniveau
gegenüber den im Herbst registrierten Extremwerten langsam zurückging. Vor einer leichten Erholung sorgten jedoch weitere ungünstige
Konjunktur-und Unternehmensdaten im ersten
Quartal über lange Strecken für negative Erträge.
Die Bank of England nahm in jedem der sechs
Monate Zinssenkungen vor, sodass der Leitzins
letztendlich bei 0,5% lag. Dies war der tiefste Stand
seit der Gründung der Bank im Jahr 1694. Aufgrund
anhaltender Bedenken hinsichtlich der Stärke des
Finanzsektors und kontinuierlicher Cash-Calls
schnitt die Banken-branche am schlechtesten ab.
Öl- und Mobilfunkwerte entwickelten sich hervorragend, während sich defensive Aktien wie z. B.
die Einzelhandels-, Getränke- und Tabakbranche
ebenfalls gut behaupteten.
CMI European Enhanced Equity Teilfonds
US-Dollar. Die Konjunktur in der Eurozone verschlechterte sie sich jedoch rapide, obwohl sie
Ende letzten Jahres noch robuster erschien. Vor
diesem Hintergrund setzte die EZB ihre Zinssenkungen fort und schraubte den Leitzins im Berichtszeitraum von anfangs 3,75% auf 1,50% herunter.
The FTSE All-Share index fell 18.3% in sterling, total
return terms over the six months to 31 March
2009. This compares with a 18.6% (net of fees)
fall for the Fund. The equity market collapse that
started in September continued into October, as
further turmoil in the global financial system fed
through into continued equity market losses. However, the market stabilised somewhat in November
and made a slight gain in December, while volatility
slowly fell from the extreme levels recorded in the
autumn. However, further negative economic and
corporate news meant negative returns for much of
the first quarter, before a modest rally. The Bank of
England cut rates in each of the six months to leave
The FTSE All-Share index fell 18.3% in sterling, total
return terms over the six months to 31 March
2009. This compares with a 20.7% (net of fees)
fall for the Fund. The equity market collapse that
started in September continued into October, as
further turmoil in the global financial system fed
through into continued equity market losses. However, the market stabilised somewhat in November
and made a slight gain in December, while volatility
slowly fell from the extreme levels recorded in the
123
round of bank bailouts while the US government
voted to release further TARP funds. Towards the
end of the period Prime Minister Aso announced a
third new stimulus package, while the IMF increased
its forecast for Japanese economic contraction to
-5.0% yoy from -2.0% yoy.
these at 0.5%, the lowest since the Bank’s inception
in 1694. Banks were the worst performing sector
due to ongoing concerns over the strength of the
financial sector and continued cash calls. Oil and
mobile telephony stocks performed strongly while
defensives such as food retailers, beverages and
tobacco also did well.
Japan Equity Index Tracking Teilfonds
Auch der japanische Aktienmarkt musste erhebliche Kursverluste hinnehmen, wobei der FTSE Japan
Index auf Basis der Gesamtrendite in Yen -29,1%
verzeichnete. Der Aktienmarkt erlebte eine schwankende Volatilität in Abhängigkeit von den neuesten
Schlagzeilen des US-Gesetzgebers. Zu Beginn des
Berichtszeitraums kündigte der US-Kongress ein
Hilfspaket für die Kfz-Hersteller in Detroit in Höhe
von 17,4 Milliarden US-Dollar an, was die weltweiten
Aktienmärkte beflü -gelte. Ein starker Yen machte
Exportunternehmen wie Sony und Toyota trotz der
stetig sinkenden Energiepreise zu schaffen. Die
Handelsbilanz des Landes war aufgrund eines
rasanten Einbruchs der weltweiten Nachfrage von
einem Rekorddefizit geprägt, weshalb die Konjunkturdaten im Berichtszeitraum unverändert schwach
blie-ben. Dabei fiel die Stimmung unter den größten
japanischen Ferti-gungsunternehmen auf ein
34-Jahres-Tief, während gleichzeitig der stärkste
Exporteinbruch seit mehr als 40 Jahren verzeichnet
wurde. In der zweiten Hälfte des Berichtszeitraums,
in dem eine weitere Runde von Bankenrettungen
stattfand und die US-Regierung die Freigabe weiterer TARP-Mittel verabschiedete, kippte die
Stimmung in den USA, dem Hauptexportpartner
Japans. Zum Ende des Berichtszeitraums kündigte
der japanische Premierminister Aso ein drittes
Konjunktur-paket an, während der IWF seine Wachstumsprognose für die japani-sche Wirtschaft von
-2,0 auf -5,0% senkte.
UK Equity Index Tracking Teilfonds
Der FTSE All-Share Index verlor im 6-Monatszeitraum zum 31. März 2009 auf Basis der Gesamtrendite in Sterling 18,6%. Im Vergleich dazu verlor
der Fonds 18,1% (ohne Gebühren). Nachdem weitere Turbulenzen im globalen Finanzsystem zu
anhaltenden Verlusten an den Aktienmärkten
geführt hatten, nahm der im September begonnene Zusammenbruch des Marktes im Oktober
seinen Lauf. Die Kurse stabilisierten sich jedoch
im November ein wenig und stiegen im Dezember
wieder leicht an, während das Volatilitätsniveau
gegenüber den im Herbst registrierten Extremwerten langsam zurückging. Vor einer leichten Erholung sorgten jedoch weitere ungünstige
Konjunktur-und Unternehmensdaten im ersten
Quartal über lange Strecken fü r negative Erträge.
Die Bank of England nahm in jedem der sechs
Monate Zinssenkungen vor, sodass der Leitzins
letztendlich bei 0,5% lag. Dies war der tiefste Stand
seit der Gründung der Bank im Jahr 1694. Aufgrund
anhaltender Bedenken hinsichtlich der Stärke des
Finanzsektors und kontinuierlicher Cash-Calls
schnitt die Banken-branche am schlechtesten ab.
Öl- und Mobilfunkwerte entwickelten sich hervorragend, während sich defensive Aktien wie z. B.
die Einzelhandels-, Getränke- und Tabakbranche
ebenfalls gut behaupteten.
The Japanese equity market suffered considerable
losses over the period, with the FTSE Japan index
closing 29.1% lower in yen, total return terms.
Stocks experienced varying levels of volatility, as
news-flow was dominated by lawmakers in the US.
Earlier in the period Congress announced a
$17.4 billion bailout of the Detroits carmakers,
which sent global markets surging. A strengthening
yen hurt exporters such as Sony and Toyota,
despite the buoying effects of falling energy prices.
Economic data remained weak over the period, with
sentiment among Japan’s largest manufacturers
falling to its lowest in 34 years coupled with exports
falling their fastest in more than 40, as a rapid
deterioration in global demand pushed the country’s trade balance to a record deficit. Sentiment in
the US, Japan’s main export partner, weakened in
the second part of the period, which saw a second
The US equity market found itself at the epicentre of
the downward spiral in equities amid persistent
financial sector concerns and poor economic data.
Over the period the S&P500 lost 30.5%, in US
dollar, total return terms. Barack Obama won the
US presidential election and passed a massive
fiscal stimulus package in January, sending the
S&P 500 on its biggest five-day surge since 1933.
There were numerous interest rate cuts throughout
the quarter, taking rates to an all time low range of
0-0.25%. Bank bailouts became the norm throughout the period, and other sectors were caught in
the contagion, with the automobile sector particularly vulnerable. GM and Chrysler announced they
were struggling for liquidity amid collapsing sales,
forcing them to testify before the Senate Banking
124
England to cut interest rates by 50 basis points, an
effective u-turn after raising rates in only July. The
ECB proceeded to cut interest rates by a total of
275bps over the period, to 1.5% by March. Over
the period, the European yield curve steepened,
with shorter-dated bonds significantly outperforming their longer-dated counterparts. Two-year
yields rallied 224bps to 1.24%, while 30-year bond
yields rallied 74bps to 3.86%.
Committee, which resulted in a $17.4 billion loan.
With Citigroup shares coming under severe pressure, falling by 85% during November alone, the US
government stepped in once again, and guaranteed
$269 billion of its assets. However, the picture
improved towards the end of the period, when
several US banks announced that they had witnessed a return to profitability in the new year.
US Equity Index Tracking Teilfonds
Vor dem Hintergrund ständiger Sorgen um den
Finanzsektor sowie eingetrübter Konjunkturdaten
stand der US-Aktienmarkt im Mittel-punkt des
Soges einbrechender Aktiennotierungen. Der S&P
500 verlor im Berichtszeitraum auf Basis der
Gesamtrendite in US-Dollar 30,5%. Barack Obama
gewann die Präsidentschaftswahlen in den USA und
setzte im Januar ein massives Anreizpaket durch,
woraufhin der S&P 500 den größten Fünf-TagesAnstieg seit 1933 verzeichnete. Zahlreiche Zinssenkungen im Quartal führten dazu, dass der
Leitzins mit 0-0,25% einen neuen Tiefstand erreichte. Bankenrettungen wurden im Berichtszeitraum
zur Norm, und andere Sektoren, vor allem die
Automobilbranche, wurden nunmehr von der Krise
erfasst. GM und Chrysler gaben bekannt, dass sie
sich nach verheerenden Umsat-zeinbußen in einem
Liquiditätsengpass befinden. Beide Unternehmen
waren zu einer Anhörung vor dem Bankenausschuss des US-Senats gezwungen, woraufhin ihnen
ein Kredit in Höhe von 17,4 Milliarden US-Dollar
gewährt wurde. Nachdem die Aktien der Citigroup
ernsthaft ins Straucheln geraten waren (allein im
November gab der Kurs um 85% nach), sprang die
US-Regierung erneut ein und übernahm Garantien in
Höhe von 269 Milliarden US-Dollar. Zum Ende des
Berichtszeitraums verbesserte sich die Lage
jedoch, als mehrere US-Banken bekannt gaben,
dass sie im neuen Jahr in die Gewinnzone zurückgekehrt waren.
CMI Euro Bond Teilfonds
Der CMI Euro Bond Fund stieg im 6-Monatszeitraum
zum 31. März 2009 in Euro um 4,67% (ohne
Gebühren). Die europäischen Staatsanleihen entwickelten sich in den sechs Monaten sehr gut, da
die Anleger in einem sich zusehends verschlechternden Konjunkturklima nach sicheren Häfen suchten. Zu Beginn des Berichtszeitraums profit-ierten
die europäischen Märkte von Anzeichen dafür, dass
die euro-p äische Zentralbank ihre unbeugsame
Haltung gegenüber Zinssenkungen überdenken
könnte. EZB-Präsident Trichet gab in diesem
Zusammenhang zu, dass die Entscheidungsträger
aufgrund des abkühlenden Wirtschaftsklimas dazu
gezwungen waren, die M öglichkeit von Zinssenkungen abzuwägen. Dieser Stimmungswan-del
führte dazu, dass die EZB zusammen mit der
FED sowie der Bank of England im Oktober einen
noch nie dagewesenen koordinierten Schritt zur
Zinssenkung um 50 Basispunkte in die Wege leitete, nachdem sie noch im Juli 2008 den Leitzins
erhöht hatte. Im Berichtszeitraum nahm die EZB
Zinssenkungen um insgesamt 275 Basispunkte
vor, sodass der Leitzins im März bei 1,5% lag.
Die Renditekurve in Europa verzeichnete im
Berichtszeitraum einen stei-len Anstieg, wobei die
Wertentwicklung kurzfristiger Anleihen erhe-blich
besser ausfiel als die langfristiger Anleihen. Die
Renditen fü r zweijährige Anleihen legten um 224
Basispunkte auf 1,24% zu, w ährend die Renditen
für 30-jährige Anleihen um 74 Basispunkte auf
3,86% nach oben kletterten.
The CMI Euro Bond Fund rose 4.67% (net of fees) in
euro terms over the six months to 31 March 2009.
European government bonds enjoyed a very good
six months as investors sought out safe havens
amid the deteriorating economic climate. At the
beginning of the period, European markets were
bolstered by signs that the European Central Bank
could be prepared to change its stubborn stance on
interest rates, with the ECB President Trichet admitting that the worsening economic environment had
forced policy makers to discuss the possibility of a
cut. This change in sentiment quickly led to the ECB
taking part in unprecedented coordinated action in
October with the Federal Reserve and the Bank of
The CMI Global Bond Fund rose by 27.71% (net of
fees) in sterling terms during the six months to
31 March 2009. Global bonds enjoyed a very
strong fourth quarter as investors sought out safe
havens amid the deteriorating economic climate.
With major economies in recession and central
banks slashing rates, the relentlessly negative tone
of economic and corporate news ensured that
there was little to dim the attraction of government
debt. The month of November was distinguished by
US treasuries and eurozone bonds posting the
strongest returns since the 1980s. In terms of
125
announced plans to significantly increase bond
issuance in the months ahead in order tofund its
economic stimulus plans. The Japanese yield curve
ended the period slightly steeper, with two-year
bond yields down 34bps to 0.42% and 10-year
yields down 23bps to 1.35%.
interest rate cuts, the US Federal Reserve cut its
rates from 2% to a 0-0.25% range, an all-time low,
while the ECB cut rates from 4.25% to 1.5%. The
Bank of Japan had less room to manoeuvre, cutting
rates from 0.5% to 0.1%. However, the start of
2009 was more mixed, with bond investors growing more concerned at the sharp increases in
government bond issuance planned to fund stimulus plans. Yields tended to rise in this environment,
though total returns for the period overall remained
in positive territory.
CMI Japanese Bond Teilfonds
Der CMI Japanese Bond Fund stieg im 6-Monatszeitraum zum 31. März 2009 in Yen um 1,52%
(ohne Gebühren). Japanische Anleihen waren angesichts eines sich rapide eintrübenden Konjunkturklimas gefragt. Da sich das Land in seiner ersten
Rezession seit 1991 befand, senkte die Bank of
Japan im Berichtszeitraum den Leitzins von 0,5%
auf 0,1%. Das Wirtschaftswachstum war im zweiten, dritten und vierten Quartal 2008 rückläufig.
Wie die Daten zeigten, schrumpfte die Wirtschaft im
vierten Quartal um 12,7%, da Rezes-sionen in den
USA und Europa die Exportnachfrage auf ein
Rekordtief drückten. Dies war der größte Rückgang
seit 1974. Obwohl die Konjunkturdaten im ersten
Quartal 2009 unverändert negativ ausfie-len, zogen
die Anleihenrenditen langsam wieder an. Dem Beispiel anderer Regierungen folgend kündigte der
japanische Finanzminister an, er wolle in den kommenden Monaten die Emission von Anleihen zur
Finanzierung von Konjunkturpaketen deutlich erhöhen. Die japanische Renditekurve verzeichnete im
Berichtszeitraum einen leichten Anstieg, wobei die
zweijährigen Renditen um 34 Basispunkte auf
0,42% und die zehnjährigen Renditen um 23 Basispunkte auf 1,35% fielen.
CMI Global Bond Teilfonds
Der CMI Global Bond Fund stieg im 6-Monatszeitraum zum 31. März 2009 in Sterling um 27,71%
(ohne Gebühren). Weltweit entwickelten sich die
Anleihen im vierten Quartal hervorragend, da die
Anleger in einem sich eintrübenden Konjunkturklima
nach sicheren Häfen suchten. Angesichts der
Rezessionen bedeutender Volkswirtschaften sowie
deutlicher Zinssenkungen der Zentralbanken ließen
negative Konjunktur- und Unternehmensdaten kaum
Zweifel an der Attraktivitä t von Staatsanleihen. Im
November konnten US-Schatzpapiere und EU-Anleihen die besten Rendite seit den 1980er Jahren
verzeichnen. Die FED nahm Zinssenkungen von
2% auf den historischen Tiefstand von 0-0,25% vor,
während die EZB ihren Leitzins von 4,25% auf 1,5%
senkte. Die Bank of Japan hatte nur wenig Spielraum für Zinssenkun-gen und schraubte den Leitzins von 0,5% auf 0,1% herunter. Jedoch war die
Lage zu Beginn des Jahres 2009 eher durchwachsen, da Bondanleger der starken Zunahme der zur
Finanzierung von Konjunk-turplänen geplanten
Anleihenemissionen skeptisch gegenüber standen.
Vor diesem Hintergrund tendierten die Renditen
nach oben, obwohl sich die Gesamtrenditen für
den Berichtszeitraum im positiven Bereich bewegten.
The CMI US Bond Fund rose by 3.93% (net of fees)
during the six months to 31 March 2009. US
economic data continued to deteriorate and this
proved to be a highly supportive environment for
government bonds during the fourth quarter of
2008, with the Federal Reserve cutting interest
rates from 2% to a 0-25% range over the quarter.
Both third and fourth quarter GDP numbers came in
negative, while the unemployment rate jumped to
8.5%, the highest level since 1983. While this
proved to be positive for bonds during the final
months of 2008, the start of 2009 was much more
negative. Bond investors become increasingly concerned about the amount of bonds which would be
issued in order to help fund new President Obama’s
$789 billion fiscal stimulus plan. However, during
March, the Federal Reserve announced a programme of quantitative easing, including $300 billion of US treasury purchases. Two-year bonds
ended the quarter down 116bps to 0.80%, while
30-year bonds ended 78bps lower at 3.54%.
The CMI Japanese Bond Fund rose by 1.52% (net of
fees) in yen terms during the six months to 31 March
2009. Japanese bonds found demand amid the
rapidly deteriorating economic climate. The Bank
of Japan cut interest rates from 0.5% to 0.1% over
the period as the country found itself in the grip of
its first recession since 1991, with growth shrinking
over the second, third and fourth quarters of 2008.
Data showed that the fourth quarter’s contraction
was 12.7%, the most since 1974, as recessions in
the US and Europe triggered a record drop in
exports. However, despite data remaining highly
negative during the first quarter of 2009, bond
yields began to edge up. Like other governments
around the world, Japan’s Ministry of Finance
126
Rezession. Risikoscheu führte dazu, dass die Rendite im vierten Quartal 10,6% erreichte. Dies war
die höchste Quartalsrendite seit mehr als 20 Jahren. Das erste Quartal 2009 war jedoch weniger
positiv für Staatsanleihen, weshalb es zu Gewinneinbußen kam. Obwohl die Risikoaversion noch
immer ziemlich hoch war, betrachtete der Anleihenmarkt die Menge der weltweit (einschließlich
Großbritanniens) zur Finanzierung von Steuer-senkungsplänen geplanten Emissionen von Staatsanleihen mehr und mehr mit Skepsis. Daraufhin war der
Januar, in dem die Gesamtrenditen um 4,8% einbrachen, der schlechteste Monat seit 22 Jahren.
Die Bank of England kündigte jedoch im März ihr
Programm zur aktiven Geldmengenausweitung
(Quantitative Easing) an, das sich vornehmlich auf
den Rückkauf von 5 bis 25-jährige Staatsanleihen
(Gilts) konzentrierte. Dies führte bei diesen Laufzeiten zu starken Renditeanstiegen, insbesondere
im mittleren Segment.
CMI US Bond Teilfonds
Der CMI US Bond Fund stieg im 6-Monatszeitraum
zum 31. März 2009 um 3,93% (ohne Gebühren).
Die US-Konjunkturdaten verschlech-terten sich weiter, was sich sehr positiv auf die Nachfrage fü r
Staatsanleihen im vierten Quartal 2008 auswirkte.
Im gleichen Quartal senkte die FED den Leitzins von
2% auf 0-25%. Sowohl im dritten als auch im vierten
Quartal wurden negative BIP-Zahlen verzeichnet,
während die Arbeitslosenquote auf 8,5% schnellte,
ihren höchsten Stand seit 1983. Hatte sich diese
Entwicklung in den letzten Monaten des Jahres
2008 noch als positiv für Anleihen erwiesen, sah
die Lage zu Beginn des Jahres 2009 wesentlich
ungünstiger aus. Bondanleger sahen die Menge der
Anleihen, die zur Finanzierung des von Obama
geplanten 789 Milliarden US-Dollar schweren
Anreizpakets begeben wurden, mit Skepsis. Im
März kündigte die FED jedoch ein Programm zur
aktiven Geldmengenausweitung an, das unter anderem auch den Kauf von US-Schatzpapieren im Wert
von 300 Milliarden US-Dollar vorsah. Die Renditen
für zweijährige Anleihen fielen im Quartal um 116
Basispunkte auf 0,80%, während sich die Renditen
für 30-jährige Anleihen um 78 Basispunkte auf
3,54% verschlechterten.
The Fund returned -1.44% (net of fees) over the six
months to 31 March 2009. The European Central
Bank cut interest rates by 50 basis points in early
October, in a coordinated move that also saw
50 basis point cuts by the Federal Reserve and
Bank of England. Prior to this, ECB President Trichet had acknowledged the increased risks of a
slowdown, but left rates unchanged due to ongoing
concerns over inflation. However, after appearing
more resolute at the end of last year, the eurozone
economy deteriorated rapidly. It was therefore little
surprise that the ECB cut rates four more times to
leave these at 1.5%. Euro money market rates
therefore fell over the six months.
The CMI UK Bond Fund rose by 4.81% (net of fees)
in sterling terms during the six months to 31 March
2009. With both third and fourth quarter GDP
numbers turning negative in 2008, the UK officially
entered into recession. Risk aversion meant that
returns in the fourth quarter reached 10.6%, the
best quarterly returns in more than 20 years. However, the first quarter of 2009 was less favourable to
government bonds, and they pared their gains.
Despite risk aversion still being very high, the bond
market became increasingly concerned about the
amount of bonds global governments, including the
UK, were planning to issue in order to fulfil their
fiscal stimulus plans. Subsequently, January was
the worse month in 22 years — with total returns
falling a significant 4.8%. However, in March, the
Bank of England announced its quantitative easing
programme, primarily centred on buying back gilts
within the 5-25 year range, provoking a very strong
rally in those maturities, particularly those in the
middle of the curve.
CMI Euro Currency Reserve Teilfonds
Der Fond verzeichnete im 6-Monatszeitraum zum
31. März 2009 eine Rendite von -1,44% (ohne
Gebühren). Anfang Oktober nahmen die Europäische Zentralbank, die FED sowie die Bank of England gemein-schaftlich koordinierte Zinssenkungen
um jeweils 50 Basispunkte vor. Zuvor hatte der
EZB-Präsident Trichet zwar das zunehmende Risiko
eines Konjunkturabschwungs eingeräumt, jedoch
wegen der Sorge um steigende Inflationsraten
keine Zinssenkungen vorgenommen. Die Konjunktur in der Eurozone verschlechterte sie sich jedoch
rapide, obwohl sie Ende letzten Jahres noch robuster erschien. Aus diesem Grund war es kaum
überraschend, dass die EZB vier weitere Zins-senkungen folgen ließ und den Leitzins auf 1,5% senkte.
Deshalb
gingen
die
europäischen
Geldmarktzinsen in den sechs Monaten zurück.
CMI UK Bond Teilfonds
Der CMI UK Bond Fund stieg im 6-Monatszeitraum
zum 31. März 2009 in Sterling um 4,81% (ohne
Gebühren). Nachdem die BIP-Zahlen des dritten und
vierten Quartals 2008 negativ ausgefallen waren,
schlit-terte Großbritannien offiziell in eine
127
since the Second World War, but towards the end of it
there were indications that the pace of the economic
decline was moderating. In December, the Fed cut
rates to a record low band of 0% to 0.25%, stating
that very low rates were likely to stay in place for
some time. Towards the end of March, the Federal
Reserve announced its own quantitative easing programme, which is based on $300 billion of US
treasury purchases, increasing purchases of agency
debt and the removal of up to $1 trillion of toxic
assets from bank balance sheets, using public
money to provide loans to the private sector to
buy these assets. The falls in interest rates and other
Federal Reserve actions meant that money market
rates fell sharply over the six months.
months to 31 March 2009. UK economic data
continued to deteriorate over the quarter. With both
third and fourth quarter GDP numbers turning negative, the UK officially entered into recession. The
fourth quarter’s contraction of 1.6% was one of the
worst quarters on record. With the aim of averting a
deep and prolonged recession, the Bank of England’s Monetary Policy Committee cut rates to 0.5%,
the lowest since the Bank of England was founded in
1694. In early March, the Bank of England announced that it would undertake a programme of quantitative easing in order to further stimulate the
economy. Money market rates fell over the period
due to a combination of interest rate cuts and central
bank intervention. This intervention was needed as
the interbank market remained closed, with participant banks wary of lending to each other. Distressed
market conditions meant that some instruments
were again affected by mark-to-market losses, including many floating-rate notes.
CMI US Dollar Currency Reserve Teilfonds
Der Fond verzeichnete im 6-Monatszeitraum
zum 31. März 2009 eine Rendite von -0,83%
(ohne Gebühren). Die US-Wirtschaftsdaten sahen
fürden Zeitraum weitgehend schlecht aus und
bestätigten, dass 2008 in Bezug auf den Abbau
von Arbeitsplätzen das schlechteste Jahr seit dem
Zweiten Weltkrieg war. Allerdings gab es zum
Jahresende Anzeichen dafür, dass sich das Tempo
des wirtschaftlichen Abschwungs verlangsamte. Im
Dezember senkte die US-Notenbank die Leitzinsen
auf einen Rekord-Tiefstand von 0-0,25% und erklärte, dass die Zinssätze wahrscheinlich einige Zeit
sehr niedrig bleiben werden. Ende März kündigte
die Federal Reserve ihr eigenes Pro-gramm zur
aktiven Erhöhung der Geldmenge (quantitative
easing) an. Dieses basiert auf dem Kauf von USStaatsanleihen (Treasuries) in Höhe von 300 Mrd.
US-Dollar, dem verstärkten Kauf von Schuldtiteln
staatlicher Stellen und der Beseitigung fauler Wertpapiere im Wert von bis zu einer Billion US-Dollar
aus den Bankbilanzen. Dafür sollen Staatsgelder
verwendet werden, um der Privatwirtschaft Darlehen zum Kauf dieser Wertpapiere zu gewähren.
Aufgrund der massiven Senkung der Zinssätze
und sonstigen Maßnahmen der Federal Reserve
sind die Geldmarktsätze im Lauf der sechs Monate
stark gefallen.
CMI Sterling Currency Reserve Teilfonds
Der Fonds erzielte im 6-Monatszeitraum zum 31.
März 2009 -0,25% (ohne Gebühren). Die Wirtschaftsdaten Großbritanniens verschlech-terten
sich im Laufe des Quartals weiter. Nachdem die
BIP-Zahlen des dritten und vierten Quartals negativ
ausgefallen waren, schlitterte Großbritannien offiziell in eine Rezession. Der Rückgang um 1,6% im
vierten Quartal bedeutete eines der schlechtesten
Quartale, das jemals verzeichnet wurde. Um eine
tiefe, anhaltende Rezession zu verhindern, senkte
der geldpolitische Ausschuss der Bank of England
die Leitzinsen auf 0,5%, das niedrigste Niveau seit
der Gründung der Bank im Jahr 1694. Anfang März
kündigte die Notenbank ein Pro-gramm zur aktiven
Erhöhung der Geldmenge (quantitative easing) an,
um die Wirtschaft weiter anzukurbeln. Die Geldmarktsätze gingen im Berichtszeitraum aufgrund
einer Kombination von Zinssenkungen und Eingriffen der Zentralbank zurück. Diese Intervention war
erforderlich, da der Interbankenmarkt nahezu zum
Erliegen gekommen war und die beteiligten Banken
äußerst zurückhaltend waren, sich gegenseitig
Geld zu leihen. Aufgrund der widrigen Marktbedingungen litten einige Wertpapiere unter Neubewertungsverlusten, darunter zahlreiche var-iabel
verzinsliche Anleihen.
months to 31 March 2009. US economic data
remained in the doldrums for much of the period,
with 2008 confirmed as the worst year for job losses
128
Fund Advisers’ market comments six months to 30 September 2009
Marktkommentare der Fondsberater für das Halbjahr zum 30. September 2009
The FTSE World Germany index gained 40.9% in
euro, total return terms over the six months to
30 September 2009. on growing optimism that
the global economy was stabilising. Consumer
cyclicals, industrials and other economically sensitive sectors that had declined the most during the
worst of the downturn, performed strongly. German
stocks kept pace with France but outpaced the UK
in local terms. The ECB left interest rates on hold at
1% and seems content to maintain the status quo.
The German IFO business climate index showed a
smaller-than-expected improvement in September.
The data corroborated the message from European
PMI readings (which rose less than expected) hinting at a normalisation in the pace of improvement.
Markets across Europe rallied on growing optimism
that the global economy was stabilising. Consumer
worst of the downturn, performed strongly. Financials also rebounded from previously depressed
levels. Well-received first-quarter earnings results
by a number of banks, allied to glimmers of an
economic recovery, supported European stocks.
Rising commodity prices also provided a boost,
with steel and mining stocks performing well initially. As the economic background continued to
improve, accommodative economic policy and growing confidence in the short-term earnings outlook
helped European markets continue the rally. Retail
sales beat expectations and eurozone industrial
goods orders rose in May for the first time in over
a year. Sterling-denominated investors saw equity
returns boosted by euro strength versus the pound
late in the period after the latter currency weakened
on comments from Bank of England Governor
Mervyn King.
CMI German Equity Teilfonds
Basierend auf dem wachsenden Optimismus hinsichtlich der Stabilisierung der Weltwirtschaft zog
der FTSE World Germany Index während des sechsmonatigen Berichtszeitraums zum 30. September
2009 um 40,9 % an. Die zyklischen Konsumgüter,
die Industrie sowie auch andere wirtschaftlich sensible Sektoren, die während der schlimmsten Zeit
des Abschwungs am deutlichsten gefallen waren,
zeigten eine gute Wertentwicklung. Die deutschen
Aktien hielten mit den französischen Schritt und
schnitten, gerechnet in Landeswährung, besser
ab als die britischen. Die EZB beließ die Zinssätze
unverändert bei 1 %, und ist anscheinend bereit,
den Status quo beizubehalten. Der deutsche
IFO-Geschäftsklimaindex zeigte im September eine
hinter den Erwartungen zurückbleibende Verbesserung. Die Daten untermauerten die Zahlen des
europäischen Einkaufsmanagerindex PMI (dessen
Anstieg hinter den Erwartungen zurückblieb) und
deuteten auf eine Normalisierung des Verbesserungstempos hin.
CMI Continental European Equity Teilfonds
Der steigende Optimismus hinsichtlich der Stabilisierung der Weltwirtschaft führte zur Erholung der
europäischen Märkte. Die zyklischen Konsumgüter,
zeigten eine gute Wertentwicklung. Auch die zuvor
sehr niedrigen Finanzwerte zogen wieder an. Die
von einer Reihe von Banken gut aufgenommenen
Ertragsergebnisse verbanden sich mit den Anzeichen einer Konjunkturerholung und kamen den
europäischen Aktien zugute. Die steigenden Rohstoffpreise kurbelten den Aufschwung ebenfalls an,
mit einer anfänglich guten Wertentwicklung der
Stahl und Bergbauaktien. In diesem sich laufend
verbessernden wirtschaftlichen Umfeld trugen die
entgegenkommende Wirtschaftspolitik und das
wachsende Vertrauen in die kurzfristigen Gewinnprognosen zu einer weiteren Erholung der europäischen Märkte bei. Die Einzelhandelsumsätze liegen
über den Erwartungen und in der Eurozone stiegen
die Industriegüterbestellungen im Mai erstmals seit
mehr als einem Jahr. Die Aktienerträge der Anleger,
die in Pfund Sterling investiert hatten, stiegen aufgrund der Stärke des Euro gegenüber dem Pfund
gegen Ende des Berichtszeitraums, nachdem das
Pfund basierend auf Äußerungen des Gouverneurs
der Bank of England, Mervyn King, schwächer
wurde.
The FTSE Japan index advanced 18.3% in yen, total
return terms over the six-month period, a strong
absolute performance but some distance behind
the surge enjoyed by US, European and Asia Pacific
ex Japan stocks. Japanese equities rose sharply
over the second quarter, buoyed by both the IMF’s
and G7’s slightly less pessimistic assessments of
the state of the global economy and its implications
for the country’s export-driven economy. Japanese
stocks actually fell in yen terms in the third quarter,
making it the only major market to lose ground over
the period. However, the strength of the yen meant
it generated positive returns in sterling terms. News
that Japan’s economy returned to growth in the
129
Fund Advisers’ market comments six months to 30 September 2009 (continued)
Marktkommentare der Fondsberater für das Halbjahr zum 30. September 2009 (Fortsetzung)
second quarter of the year due to a combination of
a rise in exports and government spending did lead
the markets higher, before weak industrial production and house data forced a pullback.
finally peaked in early July and the Shanghai Composite index experienced peak-to-trough falls of
around 26% thereafter amid economic growth
fears.
CMI Japan Enhanced Equity Teilfonds
Die Gesamtrendite des FTSE Japan Index stieg
während des sechsmonatigen Berichtszeitraums,
in Yen gerechnet, um 18,3 %, was eine gute absolute Wertentwicklung darstellt, jedoch um einiges
hinter dem Anstieg zurückliegt, den US-amerikanische und europäische Aktien sowie Aktien aus der
asiatisch-pazifischen Region ohne Japan verzeichnen konnten. Im zweiten Quartal stiegen die japanischen Aktien, angetrieben durch die leicht
pessimistische Einschätzung sowohl des IWF als
auch der G-7-Länder hinsichtlich des Zustands der
Weltwirtschaft und die sich daraus ergebenden
Konsequenzen für die exportorientierte Wirtschaft
stark. Genau genommen, d. h. in Yen ausgedrückt,
fielen die japanischen Aktien im dritten Quartal und
somit war dieser Markt der einzige wichtige Markt,
der während des Berichtszeitraums an Boden verlor. In Pfund Sterling ausgedrückt war das Ergebnis
allerdings aufgrund des starken Yen positiv. Die
Nachrichten darüber, dass die japanische Wirtschaft aufgrund einer Kombination aus gestiegenen
Exportzahlen und Staatsausgaben im zweiten Quartal wieder den Wachstumsbereich erreicht habe,
ließen die Märkte abheben, ehe die schwachen
Zahlen für die industrielle Produktion und den Wohnungsmarkt eine Korrektur erforderlich machten.
CMI Pacific Basin Enhanced Equity Teilfonds
Die asiatischen Aktien konnten sich, unter Ausklammerung der japanischen, während des sechsmonatigen Berichtszeitraums bemerkenswert gut
erholen. Der FTSE AW Asia Pacific ex Japan Index
erbrachte auf Basis der Gesamtrendite in lokaler
Währung 48,7 %. Die Aktienmärkte von China,
Singapur und Indien leisteten im zweiten Quartal
die besten Beiträge zum Ergebnis der Region, als
die Wirtschaftsdaten darauf schließen ließen, dass
der schlimmste Teil der weltweiten Rezession ausgestanden sei und alle drei Länder für diesen
Berichtszeitraum Ergebnisse im zweistelligen
Bereich schrieben. Dank dem massiven Stimulierungspaket der chinesischen Regierung wuchs der
Produktionssektor des Landes weiter. Der indische
BSE Index konnte im ersten Halbjahr 2009 um mehr
als 52 % zulegen, als ein entscheidender Sieg der
vom Kongress geführten Koalition im Mai Hoffnungen für eine Wirtschaftsreform mit sich brachte. Die
asiatischen Märkte stiegen während des gesamten
dritten Quartals 2009 weiter, da diese Region in
den Augen der Anleger die Weltwirtschaft aus der
Rezession in Richtung Erholung führen sollte. Die
einzige tatsächliche Enttäuschung im dritten Quartal war die Wertentwicklung des chinesischen
Aktienmarktes. Nachdem sie im ersten Halbjahr
2009 um knapp 90 % gestiegen waren, erreichten
die chinesischen Aktien Anfang Juli ihren Höchststand und der Shanghai Composit Index fiel danach
aufgrund von Befürchtungen hinsichtlich des Wirtschaftswachstums ungebremst um rund 26 %.
Asia ex Japan stocks enjoyed a remarkable rally
over the six-month period under review, with the
FTSE AW Asia Pacific ex Japan index returning
48.7%, in local currency, total return terms. Chinese, Singaporean and Indian stock markets were
among the biggest contributors to the region’s
returns in the second quarter as economic data
suggested the worst of the global slump had receded, and all three produced double-digit returns for
the period. China’s manufacturing sector continued
to expand as a result of the government’s massive
stimulus package. India’s BSE index took its gains
for the first half of 2009 to more than 52%, as a
decisive election victory by a Congress-led coalition
in May brought hopes of economic reform. Asian
markets continued to ascend throughout the third
quarter of 2009, as investors looked to the region
to lead the world economy out of recession and
towards recovery. The only real note of disappointment in the third quarter was the performance of
the Chinese stock market. Chinese equities, having
climbed nearly 90% in the first half of the year,
Growing evidence of economic recovery, coupled
with better-than-expected earnings data across a
number of sectors helped propel US stocks substantially higher, with the S&P 500 index gaining
34.0% in dollar, total return terms. Early in the
period, robust earnings numbers from investment
banks JP Morgan and Goldman Sachs helped to
promote the recovery in risk appetite among investors. This enhanced risk appetite led to a demand
for cyclical stocks, such as industrials and materials, whose fortunes are closely tied to the underlying strength of the broad economy. In contrast,
defensive stocks, such as healthcare and utilities,
lagged in the strong market rally. Share prices
continued to advance in the third quarter as the
US Federal Reserve announced the end of the US
recession but underlined its intention to stick to
130
All-Share Index auf Basis der Gesamtrendite in
Pfund Sterling 35,7 %. Nach den Turbulenzen Ende
2008 und Anfang 2009 trat der britische Aktienmarkt in eine der stärksten Rallys seiner Geschichte
ein, die von Anfang März bis Ende September
dauerte, da die Anleger aufgrund stärkerer Hoffnungen hinsichtlich der Weltwirtschaft und über den
Erwartungen liegender Unternehmensergebnisse
wieder Vertrauen fassten und ihren Risikoappetit
zurückgewannen. Nach einem seit mehreren Jahren nicht mehr erreichten Tiefstand in der ersten
Märzwoche stiegen die Aktienkurse beinahe unkontrolliert bis Ende September, wobei der FTSE 100
Index zu Ende des Berichtszeitraums auf über
5.000 Punkte geklettert war, und im dritten Quartal
die beste Quartals-Wertentwicklung seit Einführung
des FTSE 100 im Jahr 1984 erreichte.
accommodative economic policy. August’s employment report suggested a slow deceleration in job
losses that, if continued, would lead to stabilisation
by year-end. Retail sales and industrial production
were also above expectation.
CMI US Enhanced Equity Teilfonds
Die immer stärkeren Hinweise auf eine Konjunkturerholung trugen, zusammen mit den über den
Erwartungen liegenden Ertragsdaten in mehreren
Sektoren, dazu bei, dass die US-Aktien wesentlich
zulegen konnten und die Gesamtrendite des S&P
500 Index in US-Dollar um 34,0 % stieg. Zu Beginn
des Berichtszeitraums begünstigten die guten
Ertragszahlen der Investmentbanken JP Morgan
und Goldman Sachs die Rückkehr der Risikolust
der Anleger. Diese gestiegene Risikolust führte zu
einer Nachfrage nach zyklischen Aktien, wie etwa
aus dem Industrie- und Grundstoffsektor, deren
positive Entwicklung eng mit der zugrunde liegenden Stärke der allgemeinen Wirtschaftslage zusammenhängt. Im Gegensatz dazu hinkten defensive
Aktien, wie etwa aus dem Gesundheits- und dem
Versorgungssektor, in der starken Marktrally hinterher. Im dritten Quartal stiegen die Aktienkurse
weiter, als die FED die Rezession in Amerika für
vorüber erklärte und gleichzeitig unterstrich, dass
sie an ihrer entgegenkommenden Wirtschaftspolitik
festhalten wolle. Die Arbeitsmarktzahlen für den
Monat August deuteten auf einen langsamen Rückgang des Stellenabbaus hin, was, bei anhaltendem
Trend, eine Stabilisierung der Situation zum Jahresende bedeuten würde. Die Einzelhandelsumsätze
und die industrielle Produktion lagen ebenfalls über
den Erwartungen.
Mervyn King.
The FTSE All-Share index returned 35.7% in sterling, total return terms over the six months to
30 September 2009. Following the turmoil in late
2008 and early 2009, the UK stock market then
staged one of the strongest rallies in its history from
early-March to the end of September, as investor
confidence and risk appetite returned on improving
hopes for the global economy and better-than-expected corporate results. Having hit a multi-year
low in the first week of March, share prices rose
almost unchecked through to the end of the September, with the FTSE 100 index climbing above
5,000 towards the end of the period and the third
quarter marking the best ever quarterly performance for the FTSE 100 since its inception in 1984.
Euro Equity Index Tracking Teilfonds
CMI UK Equity Teilfonds
Während des sechsmonatigen Berichtszeitraums
zum 30. September 2009 erbrachte der FTSE
131
allerdings aufgrund des starken Yen positive. Die
Nachrichten darüber, dass die japanische Wirtschaft aufgrund einer Kombination aus gestiegenen
Exportzahlen und Staatsausgaben im zweiten Quartal wieder den Wachstumsbereich erreicht habe,
ließen die Märkte abheben, ehe die schwachen
Zahlen für die industrielle Produktion und den Wohnungsmarkt eine Korrektur erforderlich machten.
Stahl- und Bergbauaktien. In diesem sich laufend
wurde.
The FTSE All-Share index returned 35.7% in sterling,
total return terms over the six months to 30 September 2009. Following the turmoil in late 2008 and
early 2009, the UK stock market then staged one of
the strongest rallies in its history from early-March to
the end of September, as investor confidence and
risk appetite returned on improving hopes for the
global economy and better-than-expected corporate
results. Having hit a multi-year low in the first week of
March, share prices rose almost unchecked through
to the end of the September, with the FTSE 100
index climbing above 5,000 towards the end of the
period and the third quarter marking the best ever
quarterly performance for the FTSE 100 since its
inception in 1984.
The FTSE Japan index advanced 18.3% in yen, total
return terms over the six month period, a strong
absolute performance but some distance behind
the surge enjoyed by US, European and Asia Pacific
ex Japan stocks. Japanese equities rose sharply
over the second quarter, buoyed by both the IMF’s
and G7’s slightly less pessimistic assessments of
the state of the global economy and its implications
for the country’s export-driven economy. Japanese
stocks actually fell in yen terms in the third quarter,
making it the only major market to lose ground over
the period. However, the strength of the yen meant
it generated positive returns in sterling terms. News
that Japan’s economy returned to growth in the
second quarter of the year due to a combination of
a rise in exports and government spending did lead
the markets higher, before weak industrial production and house data forced a pullback.
UK Equity Index Tracking Teilfonds
zum 30. September 2009 erbrachte der FTSE
All-Share Index auf Basis der Gesamtrendite in
Pfund Sterling 35,7 %. Nach den Turbulenzen Ende
2008 und Anfang 2009 trat der britische Aktienmarkt in eine der stärksten Rallys seiner Geschichte
ein, die von Anfang März bis Ende September
dauerte, da die Anleger aufgrund stärkerer Hoffnungen hinsichtlich der Weltwirtschaft und über den
Erwartungen liegender Unternehmensergebnisse
wieder Vertrauen fassten und ihren Risikoappetit
zurückgewannen. Nach einem seit mehreren Jahren nicht mehr erreichten Tiefstand in der ersten
Märzwoche stiegen die Aktienkurse beinahe unkontrolliert bis Ende September, wobei der FTSE 100
Index zu Ende des Berichtszeitraums auf über
5.000 Punkte geklettert war, und im dritten Quartal
die beste Quartals-Wertentwicklung seit Einführung
des FTSE 100 im Jahr 1984 erreichte.
Japan Equity Index Tracking Teilfonds
Die Gesamtrendite des FTSE Japan Index stieg
während des sechsmonatigen Berichtszeitraums,
in Yen gerechnet, um 18,3 %, was eine gute absolute Wertentwicklung darstellt, jedoch um einiges
hinter dem Anstieg zurückliegt, den US-amerikanische und europäische Aktien sowie Aktien aus der
asiatisch-pazifischen Region ohne Japan verzeichnen konnten. Im zweiten Quartal stiegen die japanischen Aktien, angetrieben durch die leicht
pessimistische Einschätzung sowohl des IWF als
auch der G-7-Länder hinsichtlich des Zustands der
Weltwirtschaft und die sich daraus ergebenden
Konsequenzen für die exportorientierte Wirtschaft
stark. Genau genommen, d. h. in Yen ausgedrückt,
fielen die japanischen Aktien im dritten Quartal und
somit war dieser Markt der einzige wichtige Markt,
der während des Berichtszeitraums an Boden verlor. In Pfund Sterling ausgedrückt war das Ergebnis
Growing evidence of economic recovery, coupled
with better-than-expected earnings data across a
number of sectors helped propel US stocks substantially higher, with the S&P 500 index gaining
34.0% in dollar, total return terms. Early in the
period, robust earnings numbers from investment
banks JP Morgan and Goldman Sachs helped to
promote the recovery in risk appetite among
132
bonds. In addition, the significant increase in bond
issuance from eurozone governments also deterred investors. However, the environment for European government bonds was more positive during
the third quarter. During July, markets rallied given
the negative tone of economic and corporate data,
and towards the end of September markets were
boosted by Germany’s announcement to cut its
fourth-quarter bond issuance by 22%.
investors. This enhanced risk appetite led to a
demand for cyclical stocks, such as industrials
and materials, whose fortunes are closely tied to
the underlying strength of the broad economy. In
contrast, defensive stocks, such as healthcare and
utilities, lagged in the strong market rally. Share
prices continued to advance in the third quarter as
the US Federal Reserve announced the end of the
US recession but underlined its intention to stick to
accommodative economic policy. August’s employment report suggested a slow deceleration in job
losses that, if continued, would lead to stabilisation
by year-end. Retail sales and industrial production
were also above expectation.
CMI Euro Bond Teilfonds
Der CMI Euro Bond Fund stieg im sechsmonatigen
Berichtszeitraum zum 30. September 2009 in Euro
um 6,42 % (ohne Gebühren). Die europäischen
Staatsanleihen kamen während des zweiten Quartals 2009 nur schwer voran, obwohl die Wirtschaft
in der Eurozone im ersten Quartal um 2,5 % rückläufig war. Im Euroraum war das deutsche BIP um
3,8 % und das französische um 1,2 % rückläufig.
Ein besser klingender Ton bei den in die Zukunft
gerichteten Wirtschaftsdaten bedeutete, dass der
Markt seinen Risikoappetit wieder gewonnen hatte,
was zulasten der sichereren Vermögenswerte, wie
etwa der Staatsanleihen, ging. Darüber hinaus verschreckte der deutliche Anstieg bei den Anleiheemissionen durch die Regierungen in der Eurozone
die Anleger ebenfalls. Allerdings war das Umfeld für
europäische Staatsanleihen im dritten Quartal positiver. Im Juli erholten sich die Märkte aufgrund des
negativen Tons der Wirtschafts- und Unternehmensdaten, und gegen Ende September erhielten die
Märkte einen Aufschwung, als Deutschland erklärte, seine Anleiheemissionen im vierten Quartal um
22 % zu kürzen.
US Equity Index Tracking Teilfonds
Die immer stärkeren Hinweise auf eine Konjunkturerholung trugen, zusammen mit den über den
Erwartungen liegenden Ertragsdaten in mehreren
Sektoren, dazu bei, dass die US-Aktien wesentlich
zulegen konnten und die Gesamtrendite des S&P
500 Index in US-Dollar um 34,0 % stieg. Zu Beginn
des Berichtszeitraums begünstigten die guten
Ertragszahlen der Investmentbanken JP Morgan
und Goldman Sachs die Rückkehr der Risikolust
der Anleger. Diese gestiegene Risikolust führte zu
einer Nachfrage nach zyklischen Aktien, wie etwa
aus dem Industrie- und Grundstoffsektor, deren
positive Entwicklung eng mit der zugrunde liegenden Stärke der allgemeinen Wirtschaftslage zusammenhängt. Im Gegensatz dazu hinkten defensive
Aktien, wie etwa aus dem Gesundheits- und dem
Versorgungssektor, in der starken Marktrally hinterher. Im dritten Quartal stiegen die Aktienkurse
weiter, als die FED die Rezession in Amerika für
vorüber erklärte und gleichzeitig unterstrich, dass
sie an ihrer entgegenkommenden Wirtschaftspolitik
festhalten wolle. Die Arbeitsmarktzahlen für den
Monat August deuteten auf einen langsamen Rückgang des Stellenabbaus hin, was, bei anhaltendem
Trend, eine Stabilisierung der Situation zum Jahresende bedeuten würde. Die Einzelhandelsumsätze
und die industrielle Produktion lagen ebenfalls über
den Erwartungen.
The CMI Japanese Bond Fund rose by 0.97% (net of
fees) in yen terms during the six months to
30 September 2009. Over the period the Japanese
government bond market produced a small positive
return. The yield curve steepened, with short-dated
bonds seeing yields fall while longer-dated bond
yields rose. Japan’s economy shrank 14.2% in the
first quarter, less than the 15.2% initially estimated.
Still, the contraction was the worst since records
began in 1955. The export sector continued to
suffer, with industrial production falling nearly
30% on the year. Deflation also prevailed. Japan’s
economy began to recover in the second quarter,
though the estimate for growth was cut from 0.9%
to 0.6%, disappointing markets. Against this background, the Bank of Japan maintained interest rates
at 0.1% while continuing to buy corporate debt and
provide unlimited liquidity to banks.
The CMI Euro Bond Fund rose 6.42% (net of fees) in
euro terms over the six months to 30 September
2009. European government bonds struggled to
make headway during the second quarter of 2009,
despite the eurozone economy contracting 2.5% in
the first quarter. Within the euro-area, German GDP
contracted 3.8%, while France shrank 1.2%. An
improved tone to forward-looking economic data
meant that the market regained its risk appetite, to
the detriment of safer assets such as government
133
Großbritannien zeigte die Rezession Anzeichen
eines gewissen Nachlassens. Das BIP für das
zweite Quartal war mit ⫺0,6 % weniger stark rückläufig als im ersten Quartal, als dieser Wert bei
⫺2,4 % lag. Die Bank of England (BOE) beließ die
Zinssätze bei 0,5 % und gab zu verstehen, dass
eine Änderung dieses Niveaus in absehbarer Zeit
eher unwahrscheinlich sei. Der Markt reagierte
hierauf mit einer Verschiebung des erwarteten Zinsanstiegs auf das Jahresende 2010. Für die Staatspapiermärkte war das zweite Quartal 2009 eine
Herausforderung, da eine Verbesserung ausgewählter, in die Zukunft gerichteter Wirtschaftsdaten zusammen mit steigenden Bedenken
hinsichtlich des Niveaus der Ausgabe von Staatsanleihen bedeutete, dass der Markt, zum Nachsehen der sichereren Vermögenswerte, wie etwa
Staatsanleihen, seinen Risikoappetit wiedergewonnen hatte. Der Markt verbesserte sich allerdings
während des dritten Quartals 2009, nachdem die
BOE verlauten ließ, dass sie ihr Geldmengenausweitungsprogramm ausdehnen wolle, und so
Staats- und Unternehmensanleihen im Gesamtwert
von 175 Milliarden Pfund vom Markt zurückkaufen
werde. Dies gab dem britischen Staatspapiermarkt, insbesondere im Bereich der sehr langfristigen Wertpapiere, einen deutlichen Aufschwung.
CMI Japan Bond Teilfonds
Der CMI Japanese Bond Fund stieg im sechsmonatigen Berichtszeitraum zum 30. September 2009 in
Yen um 0,97 % (ohne Gebühren), und der japanische Staatsanleihemarkt in diesem Zeitraum
erwirtschaftete leicht positive Erträge. Die Renditekurve wurde steiler, mit fallenden Renditen für
kurzfristige Anleihen und steigenden Renditen für
längerfristige Anleihen. Die japanische Wirtschaft
war im ersten Quartal um 14,2 % rückläufig, immerhin ein geringerer Wert als die ursprünglich
geschätzten 15,2 %. Nichtsdestotrotz war dies
der stärkste Konjunkturrückgang seit Beginn der
diesbezüglichen Aufzeichnungen im Jahr 1955. Der
Exportsektor litt weiterhin, mit einer um knapp 30 %
rückläufigen Industrieproduktion, auf das Jahr
umgerechnet. Die Deflation gewann ebenfalls die
Oberhand. Im zweiten Quartal begann sich die japanische Wirtschaft zu erholen, wenngleich die
Wachstumsschätzungen von 0,9 % auf 0,6 %
gekürzt wurden, was die Märkte enttäuschte. Vor
diesem Hintergrund beließ die Bank of Japan ihre
Zinssätze bei 0,1 % und kaufte weiterhin Unternehmensschuldtitel auf und stellte den Banken uneingeschränkte Liquidität bereit.
The CMI UK Bond Fund rose by 5.00% (net of fees)
in sterling terms during the six months to
30 September 2009. The recession in the UK
showed signs of easing, with second quarter
GDP contracting by 0.6%, less than the 2.4% contraction recorded in the first quarter. The Bank of
England (BOE) maintained interest rates at 0.5%
and indicated that this level was unlikely to change
anytime soon. The market responded by pushing
out its rate hike expectations to the end of 2010.
The second quarter of 2009 was challenging for gilt
markets as an improvement in selected forwardlooking economic data, together with increasing
concerns about the level of government bond issuance, meant that the market regained its appetite
for risk to the detriment of safer assets such as
government bonds. However, the market improved
during the third quarter of 2009 after the BOE’s
announcement that it would extend its quantitative
easing (QE) programme, taking the total amount of
gilts and corporate bonds to be bought back from
the market to £175 billion. This boosted demand
for UK sovereign paper, especially the longest-dated securities.
The CMI US Bond Fund rose by 3.09% (net of fees)
during the six months to 30 September 2009. The
Federal Reserve maintained interest rates in the
0.00 – 0.25% range, the lowest in the Fed’s history
and the market pushed out its rate hike expectations to a year from now. The Fed continued with its
programme of quantitative easing, buying back
$281 billion of bonds since it began the programme
on March 25. The recession in the US showed signs
of easing, with second quarter GDP contracting by
0.7%, less than the 6.4% contraction recorded in
the first quarter.
During the second quarter of 2009, a general
improvement in economic data led to much talk
of “green shoots” and meant that the market regained its appetite for risk to the detriment of government bonds. However, during the third quarter of
the year, signs grew that the recovery may not be
as fast or as strong as previously hoped, and
treasuries rallied again, with strong performance
from long-dated maturities.
CMI US Bond Teilfonds
Der CMI US Bond Fund stieg im sechsmonatigen
Berichtszeitraum zum 30. September 2009 um
3,09 % (ohne Gebühren). Die FED beließ die
CMI UK Bond Teilfonds
Der CMI UK Bond Fund stieg im sechsmonatigen
Berichtszeitraum zum 30. September 2009 in
Pfund Sterling um 5,00 % (ohne Gebühren). In
134
zweite Quartal 2008 zeigten auch, dass die britische Wirtschaft früher als ursprünglich berichtet in
die Rezession geraten war. Das BIP für das zweite
Quartal war mit ⫺0,6 % weniger stark rückläufig.
Die Wirtschaftsdaten waren generell noch immer
negativ, wenn auch nicht so stark wie früher im Jahr.
Die Bank of England beließ den Leitzinssatz bei
0,5 %, überraschte die Finanzmärkte jedoch mit
der Ankündigung einer Ausdehnung ihres Geldmengenausweitungsprogramms in Höhe von 50 Milliarden Pfund auf insgesamt 175 Milliarden Pfund. Die
Geldmarktbedingungen wurden im Lauf des Quartals besser. Das steigende Vertrauen in das Finanzsystem trug, zusammen mit der anhaltenden
Unterstützung seitens der Regierungen und der
Zentralbanken, zur derzeit herrschenden Stimmung
bei. Die variabel verzinslichen Anleihen schnitten
besser ab, als die bessere Marktstimmung die
neu bewerteten Spannen weiter verengte. Allerdings kann man die Geldmärkte trotz der mittlerweile besseren Bedingungen noch nicht als normal
bezeichnen. Obwohl die Befürchtungen im Hinblick
auf Bankausfälle rückläufig waren, verlassen sich
die Märkte noch immer auf Liquiditätsspritzen der
Zentralbank.
Zinssätze im Bereich von 0,00 – 0,25 %, dem niedrigsten Niveau in der Geschichte der FED, und der
Markt verschob seine Erwartungen hinsichtlich
eines Zinsanstiegs um ein Jahr. Die FED führte Ihr
Geldmengenausweitungsprogramm fort und kaufte
somit seit Einführung des Programms am 25. März
bereits Anleihen im Wert von 281 Milliarden USDollar zurück. In den Vereinigten Staaten zeigte die
Rezession Anzeichen eines gewissen Nachlassens.
Das BIP für das zweite Quartal war mit ⫺0,7 %
weniger stark rückläufig als im ersten Quartal, als
dieser Wert bei ⫺6,4 % lag. Im zweiten Quartal
2009 war die allgemeine Verbesserung der Wirtschaftsdaten in aller Munde, was bedeutet, dass die
wieder vorhandene Risikolust des Marktes die
Staatsanleihen gewissermaßen schädigte. Im dritten Quartal mehrten sich jedoch die Anzeichen
dafür, dass die Wirtschaftserholung doch nicht so
rasch oder stark sei, wie zuvor angenommen, was
dazu führte, dass sich die Schatzpapiere erholten,
wobei insbesondere jene mit langen Laufzeiten eine
gute Wertentwicklung boten.
The Fund returned 3.62% (net of fees) over the six
months to 30 September 2009. The recession in
the UK continued, with first quarter GDP contracting
2.4%, the biggest fall since 1958. Revised data for
Q2 2008 also showed that the UK economy entered
recession earlier than originally reported. Second
quarter GDP contracted at a slower rate of ⫺0.6%.
Economic data was generally still negative, albeit
less so than earlier in the year. The Bank of England
maintained its key base rate at 0.5%, but surprised
the financial markets by announcing a £50 billion
expansion in its quantitative easing programme,
taking the total package to £175 billion. Money
market conditions improved over the quarter.
Increased confidence over the financial system,
coupled with ongoing support from governments
and central banks, aided sentiment. Floating rate
notes performed better as improved market sentiment tightened mark-to-market spreads further.
However, while conditions have improved, money
markets could not yet be described as normal.
Fears over bank failures have receded but markets
are reliant on central bank liquidity injections.
months to 30 September 2009. Economic news
generally improved over the quarter, despite confirmation that the US economy contracted by an
annualised equivalent rate of 5.5% in the first quarter of 2009. Economic data released in September
gave further indications of the recovery seemingly
taking place in the world’s largest economy. The
influential ISM manufacturing survey recorded a
reading of 52.9 in August, ahead of estimates
and a level consistent with economic expansion.
Industrial production data for August revealed a
better-than-expected 0.8% increase, while Q2
GDP was revised upwards to an annualised rate
of ⫺0.7%. The US Federal Reserve unsurprisingly
kept interest rates unchanged at 0 – 0.25%. Money
market conditions improved over the quarter.
Increased confidence over the financial system,
coupled with ongoing support from governments
and central banks, aided sentiment. Floating rate
notes performed better as improved market sentiment tightened mark-to-market spreads further.
However, while conditions have improved, money
markets could not yet be described as normal.
Fears over bank failures have receded but markets
are reliant on central bank liquidity injections.
CMI Sterling Currency Reserve Teilfonds
zum 30. September 2009 erbrachte der Fond eine
Rendite von 3,62 % (ohne Gebühren). In Großbritannien hielt die Rezession an und das BIP war im
ersten Quartal um 2,4 % rückläufig, was den höchsten Wert seit dem stärksten Rückgang im Jahr
1958 bedeutete. Die berichtigten Daten für das
135
banks, aided sentiment. Floating rate notes performed better as improved market sentiment
tightened mark-to-market spreads further. However, while conditions have improved, money markets could not yet be described as normal. Fears
over bank failures have receded but markets are
reliant on central bank liquidity injections.
CMI US Dollar Currency Reserve Teilfonds
Rendite von 2,9 % (ohne Gebühren). Generell verbesserten sich die Wirtschaftsnachrichten während des
Quartals, obwohl bestätigt wurde, dass die US-Wirtschaft im ersten Quartal 2009, umgerechnet auf das
Jahr, um 5,5 % schrumpfte. Die im September veröffentlichten Wirtschaftsdaten gaben weitere Hinweise auf den Konjunkturaufschwung, der
offensichtlich im weltweit größten Wirtschaftsraum
stattfindet. Der einflussreiche ISM (Konjunkturindikator für die US-Wirtschaft) verzeichnete für den Monat
August einen Wert von 52,9. Damit lag er einerseits
über den Erwartungen und zeigte sich andererseits
auf gleichem Niveau wie das Wirtschaftswachstum.
Die August-Daten der industriellen Produktion zeigten
einen um 0,8 % über den Erwartungen liegenden
Zuwachs, während das BIP für das zweite Quartal
so nach oben korrigiert wurde, dass es nun bei
⫺0,7 %, umgelegt auf Jahresbasis, liegt. Es überraschte nicht, dass die FED die Zinssätze unverändert
bei 0 – 0,25 % beließ. Die Geldmarktbedingungen
wurden im Lauf des Quartals besser. Das steigende
Vertrauen in das Finanzsystem trug, zusammen mit
der anhaltenden Unterstützung seitens der Regierungen und der Zentralbanken, zur derzeit herrschenden
Stimmung bei. Die variabel verzinslichen Anleihen
schnitten besser ab, als die bessere Marktstimmung
die neu bewerteten Spannen weiter verengte. Allerdings kann man die Geldmärkte trotz der mittlerweile
besseren Bedingungen noch nicht als normal bezeichnen. Obwohl die Befürchtungen im Hinblick auf Bankausfälle rückläufig waren, verlassen sich die Märkte
noch immer auf Liquiditätsspritzen der Zentralbank.
CMI Euro Currency Reserve Teilfonds
Rendite von 6,7 % (ohne Gebühren). Im ersten
Quartal war das BIP für die Region negativ, doch
die Zahlen für das zweite Quartal zeigten, dass
Deutschland und Frankreich die Rezession im zweiten Quartal unerwarteterweise hinter sich gelassen
hatten. Beide wiesen ein Wachstum um 0,3 % auf.
Diese positive Entwicklung wurde durch zahlreiche
andere aufmunternde Daten unterstützt, insbesondere in Bezug auf die deutsche Wirtschaft. Obwohl
die EZB ihre Zinssätze unverändert beließ, stellte
sie den europäischen Banken im Rahmen eines
Angebots für unbeschränkte Mittel zu einem Zinssatz von nur 1,0 % für 12 Monate die Rekordsumme
von 422 Milliarden Euro zur Verfügung, um so die
Kreditmärkte zu öffnen und die Wirtschaft der
Region wiederzubeleben. Im September wurden
in einer zweiten Auktion rund 75 Milliarden Euro
vergeben. Weitere 12-Monats-Kredite werden im
Dezember bereitgestellt. Die Geldmarktbedingungen wurden im Lauf des Quartals besser. Das
steigende Vertrauen in das Finanzsystem trug,
zusammen mit der anhaltenden Unterstützung seitens der Regierungen und der Zentralbanken, zur
derzeit herrschenden Stimmung bei. Die variabel
verzinslichen Anleihen schnitten besser ab, als die
bessere Marktstimmung die neu bewerteten Spannen weiter verengte. Allerdings kann man die Geldmärkte
trotz
der
mittlerweile
besseren
Bedingungen noch nicht als normal bezeichnen.
Obwohl die Befürchtungen im Hinblick auf Bankausfälle rückläufig waren, verlassen sich die Märkte
noch immer auf Liquiditätsspritzen der Zentralbank.
months to 30 September 2009. Q1 GDP was
negative for the region, but Q2 figures showed that
Germany and France unexpectedly emerged from
recession in the second quarter, both recording
growth of 0.3%. This positive development was
supported by a raft of other encouraging data,
most notably concerning the German economy.
Although the ECB left rates unchanged, in June it
also provided a record 3422 billion to Europe’s
banks through an offer of unlimited funds at just
1.0% interest for 12 months, in a bid to unlock
credit markets and revive the region’s economies. A
second auction in September led to around
375 billion being issued. Further 12-month loans
will be available in December. Money market conditions improved over the quarter. Increased confidence over the financial system, coupled with
ongoing support from governments and central
The CMI Global Bond Fund fell by 1.29% (net of fees)
in sterling terms during the six months to
30 September 2009. The environment for global
bonds was defined by record-low interest rates and
special measures by central banks to boost their
economies. The Federal Reserve maintained interest rates in a 0.00 – 0.25% range and continued
with its programme of quantitative easing, buying
back $281 billion of bonds since it began the
programme on March 25. The Bank of Japan maintained interest rates at 0.1% while continuing to buy
136
Stocks with the weakest balance sheets and worst
recent earnings trends significantly outperformed.
Going into the third quarter, global markets were
buoyed by second-quarter reporting, which saw a
number of companies post above-expectation profits and, after falling back in June, markets continued to progress, the rally continuing to the end of
the period under review. In sector terms, returns
rewarded economic and risk-sensitive areas. Financials rebounded sharply, and the materials, industrials and consumer discretionary sectors also
outperformed as investors anticipated the potential
for a recovery in earnings.
corporate debt and provide unlimited liquidity to
banks. During April and May, the European Central
Bank cut interest rates twice by 25bps, bringing
interest rates down to 1%. Further measures
announced by the ECB included a plan to buy
360 billion of European covered bonds. There
was a gradual improvement in economic data,
and in the second quarter of 2009, figures showed
that growth had returned to Europe and Japan,
while GDP pressures in the US were easing.
CMI Global Bond Teilfonds
Der CMI Global Bond Fund fiel im sechsmonatigen
Berichtszeitraum zum 30. September 2009 in
Pfund Sterling um 1,29 % (ohne Gebühren). Das
Umfeld für globale Anleihen wies rekordmäßig niedrige Zinssätze und besondere Maßnahmen der Zentralbanken auf, um ihre Wirtschaftsräume
anzukurbeln. Die FED beließ ihre Zinssätze im
Bereich von 0,00 – 0,25 % und setzte Ihr Geldmengenausweitungsprogramm fort, indem sie seit Einführung des Programms am 25. März Anleihen im
Wert von insgesamt 281 Milliarden US-Dollar
zurückkaufte. Die Bank of Japan beließ ihre Zinssätze bei 0,1 %, während sie weiterhin Unternehmensschuldtitel kaufte und den Banken
uneingeschränkt Liquidität zur Verfügung stellte.
Im April und im Mai senkte die Europäische Zentralbank die Zinssätze zwei Mal um je 25 Basispunkte,
wodurch die Zinssätze auf 1 % sanken. Zu den
weiteren, von der EZB mitgeteilten Maßnahmen
zählte der Plan, gedeckte europäische Anleihen
im Wert von 60 Milliarden Euro zu kaufen. Die
Wirtschaftsdaten zeigten eine graduelle Verbesserung, und im zweiten Quartal 2009 zeigten die
Zahlen, dass das Wachstum nach Europa und nach
Japan zurückgekehrt war, während in den Vereinigten Staaten der Druck auf das BIP nachzulassen
begann.
CMI Global Mixed Teilfonds
Anfang März fielen die Aktienmärkte auf neue Tiefpunkte, da der anhaltende Druck auf die Finanzsysteme, zusammen mit drastischen Einbrüchen
der Wirtschaftsaktivitäten, die Anleger dazu brachte, ein Depressionsszenarium mit hoher Wahrscheinlichkeit einzukalkulieren. Das Ausmaß der
Risikoscheue und Bewertungsausgrenzung hatte
innerhalb des Aktienmarktes ein extremes Niveau
erreicht. Dies war der Wegbereiter für die kraftvolle
Kehrtwende, die wir im zweiten Quartal sahen, als
die positiven Entwicklungen in vielerlei Hinsicht die
Anleger davon überzeugten, dass eine Depression
wahrscheinlich vermieden werden kann. Die Auswirkungen auf den Aktienmarkt waren dramatisch.
Am deutlichsten zeigte sich dies in der enorm überdurchschnittlichen Wertentwicklung der Aktien, die
im aktuellen Umfeld am stärksten gelitten hatten,
und in der Ausweitung, die gegenüber einer Erhöhung der Risikolust sehr sensibel ist. Aktien von
Unternehmen mit den schwächsten Bilanzen und
den schlechtesten aktuellen Gewinnaussichten
zeigten eine deutliche Outperformance. An der
Schwelle zum dritten Quartal erhielten die globalen
Märkte Auftrieb durch die Berichte über das zweite
Quartal, in dem eine Reihe von Unternehmen nachträglich über den Erwartungen liegende Erträge
verzeichnete, und nach dem Rückfall im Juni machten die Märkte weiterhin Fortschritte und die Erholung setzte sich bis zum Ende dieses
Berichtszeitraums fort. Im Hinblick auf die Sektoren
ist festzustellen, dass wirtschaftlich und im Hinblick
auf Risiken empfindliche Bereiche mit Erträgen
belohnt wurden. Die Finanzwerte erholten sich deutlich, und die Sektoren Grundstoffe, Industriewerte
und Nicht-Basiskonsumgüter schnitten ebenfalls
überdurchschnittlich gut ab, da die Anleger bei
den Erträgen ein Erholungspotenzial erkannten.
Equity markets had fallen to new lows in early March
as ongoing stresses in the financial system, together with dramatic falls in economic activity, led
investors to attach a high probability to a depression type scenario. Measures of risk aversion and
valuation dispersion within the equity market had
moved to extreme levels. This set the scene for the
powerful snap back that we saw over the second
quarter as positive developments in a number of
dimensions persuaded investors that a depression
would likely be avoided. The effect on the equity
market was dramatic. Most notable was the
extreme outperformance of stocks most distressed in the current environment, and by extension
most sensitive to an improvement in risk appetite.
Equity markets had fallen to new lows in early March
as ongoing stresses in the financial system,
137
Erholung setzte sich bis zum Ende dieses Berichtszeitraums fort. Im Hinblick auf die Sektoren ist
festzustellen, dass wirtschaftlich und im Hinblick
auf Risiken empfindliche Bereiche mit Erträgen
belohnt wurden. Die Finanzwerte erholten sich deutlich, und die Sektoren Grundstoffe, Industriewerte
und Nicht-Basiskonsumgüter schnitten ebenfalls
überdurchschnittlich gut ab, da die Anleger bei
den Erträgen ein Erholungspotenzial erkannten.
together with dramatic falls in economic activity, led
investors to attach a high probability to a depression type scenario. Measures of risk aversion and
valuation dispersion within the equity market had
moved to extreme levels. This set the scene for the
powerful snap back that we saw over the second
quarter as positive developments in a number of
dimensions persuaded investors that a depression
would likely be avoided. The effect on the equity
market was dramatic. Most notable was the
extreme outperformance of stocks most distressed in the current environment, and by extension
most sensitive to an improvement in risk appetite.
Stocks with the weakest balance sheets and worst
recent earnings trends significantly outperformed.
Going into the third quarter, global markets were
buoyed by second-quarter reporting, which saw a
number of companies post above-expectation profits and, after falling back in June, markets continued to progress, the rally continuing to the end of
the period under review. In sector terms, returns
rewarded economic and risk-sensitive areas. Financials rebounded sharply, and the materials, industrials and consumer discretionary sectors also
outperformed as investors anticipated the potential
for a recovery in earnings.
Mervyn King.
CMI Global Equity Teilfonds
Anfang März fielen die Aktienmärkte auf neue Tiefpunkte, da der anhaltende Druck auf die Finanzsysteme, zusammen mit drastischen Einbrüchen
der Wirtschaftsaktivitäten, die Anleger dazu brachte, ein Depressionsszenarium mit hoher Wahrscheinlichkeit einzukalkulieren. Das Ausmaß der
Risikoscheue und Bewertungsausgrenzung hatte
innerhalb des Aktienmarktes ein extremes Niveau
erreicht. Dies war der Wegbereiter für die kraftvolle
Kehrtwende, die wir im zweiten Quartal sahen, als
die positiven Entwicklungen in vielerlei Hinsicht die
Anleger davon überzeugten, dass eine Depression
wahrscheinlich vermieden werden kann. Die Auswirkungen auf den Aktienmarkt waren dramatisch.
Am deutlichsten zeigte sich dies in der enorm überdurchschnittlichen Wertentwicklung der Aktien, die
im aktuellen Umfeld am stärksten gelitten hatten,
und in der Ausweitung, die gegenüber einer Erhöhung der Risikolust sehr sensibel ist. Aktien von
Unternehmen mit den schwächsten Bilanzen und
den schlechtesten aktuellen Gewinnaussichten
zeigten eine deutliche Outperformance. An der
Schwelle zum dritten Quartal erhielten die globalen
Märkte Auftrieb durch die Berichte über das zweite
Quartal, in dem eine Reihe von Unternehmen nachträglich über den Erwartungen liegende Erträge
verzeichnete, und nach dem Rückfall im Juni machten die Märkte weiterhin Fortschritte und die
CMI European Enhanced Equity Teilfonds
Stahl- und Bergbauaktien. In diesem sich laufend
138
Wirtschaftspolitik und das wachsende Vertrauen
in die kurzfristigen Gewinnprognosen zu einer weiteren Erholung der europäischen Märkte bei. Die
Einzelhandelsumsätze liegen über den Erwartungen und in der Eurozone stiegen die Industriegüterbestellungen im Mai erstmals seit mehr als einem
Jahr. Die Aktienerträge der Anleger, die in Pfund
Sterling investiert hatten, stiegen aufgrund der
Stärke des Euro gegenüber dem Pfund gegen Ende
des Berichtszeitraums, nachdem das Pfund basierend auf Äußerungen des Gouverneurs der Bank of
England, Mervyn King, schwächer wurde.
wurde.
Access 80% Guaranteed Sub-Fund, CMIG
Access 80% Austrian Sub-Fund, CMIG Access
70% Flexible Sub-Fund, CMIG Access 80%
Flexible Sub-Fund, CMIG Access 90% Flexible
Sub-Fund, Markets across Europe rallied on growing optimism that the global economy was stabilising. Consumer cyclicals, industrials and other
economically sensitive sectors that had declined
the most during the worst of the downturn, performed strongly. Financials also rebounded from
previously depressed levels. Well-received firstquarter earnings results by a number of banks,
allied to glimmers of an economic recovery, supported European stocks. Rising commodity prices
also provided a boost, with steel and mining stocks
performing well initially. As the economic background continued to improve, accommodative economic policy and growing confidence in the
short-term earnings outlook helped European markets continue the rally. Retail sales beat expectations and eurozone industrial goods orders rose in
May for the first time in over a year. Sterling-denominated investors saw equity returns boosted by
euro strength versus the pound late in the period
after the latter currency weakened on comments
from Bank of England Governor Mervyn King.
Access 80% Guaranteed Teilfonds, CMIG
Access 80% Austrian Teilfonds, CMIG Access
70% Flexible Teilfonds, CMIG Access 80%
Flexible Teilfonds,CMIG Access 90% Flexible
Teilfonds, Der steigende Optimismus hinsichtlich
der Stabilisierung der Weltwirtschaft führte zur
Erholung der europäischen Märkte. Die zyklischen
Konsumgüter, die Industrie sowie auch andere wirtschaftlich sensible Sektoren, die während der
schlimmsten Zeit des Abschwungs am deutlichsten
gefallen waren, zeigten eine gute Wertentwicklung.
Auch die zuvor sehr niedrigen Finanzwerte zogen
wieder an. Die von einer Reihe von Banken gut
aufgenommenen Ertragsergebnisse verbanden
sich mit den Anzeichen einer Konjunkturerholung
und kamen den europäischen Aktien zugute. Die
steigenden Rohstoffpreise kurbelten den Aufschwung ebenfalls an, mit einer anfänglich guten
Wertentwicklung der Stahl- und Bergbauaktien. In
diesem sich laufend verbessernden wirtschaftlichen Umfeld trugen die entgegenkommende
139
PERFORMANCES IN FUND CURRENCY
Fund Name
6 months to
30/09/09
1 year to
30/09/09
51.01
41.89
18.27
62.87
34.13
39.87
46.23
17.97
38.30
35.32
6.42
0.97
5.00
3.09
3.62
2.90
6.70
(1.29)
15.30
22.89
45.31
30.90
2.86
(1.62)
(17.61)
20.10
(4.61)
7.91
(2.82)
(17.43)
8.18
(3.70)
6.55
1.87
5.45
2.64
(2.61)
(1.57)
0.38
22.43
12.58
6.76
(0.94)
26.13
CMI German Equity
CMI UK Equity
CMI Euro Bond
CMI Japan Bond
CMI UK Bond
CMI US Bond
CMI Global Bond
CMI Global Mixed
CMI Global Equity
European Enhanced Equity
3 years to
30/09/09
(22.81)
(11.70)
(43.16)
13.14
(20.49)
(16.12)
(24.92)
(43.24)
(13.33)
(20.81)
0.78
3.61
1.86
6.16
(2.29)
(4.36)
0.09
37.29
10.06
(2.31)
(28.16)
19.45
Important Notes
Unless otherwise stated, the performance of the market indices illustrated is in the Fund currency, NAV with gross income reinvested. Unless
otherwise stated, the views and opinions expressed are those held by Insight Investment Limited at the time of publication.
Past performance is not necessarily a guide to future performance. An investment’s value and the income deriving from it may fall as well as
rise, as a result of market fluctuations. You may not get back the amount originally invested.
140
PERFORMANCE IN FONDSWÄHRUNG
Name des Teilfonds
6 Monate bis
30/09/09
CMI German Equity
CMI UK Equity
CMI Euro Bond
CMI Japan Bond
CMI UK Bond
CMI US Bond
CMI Global Bond
CMI Global Mixed
CMI Global Equity
European Enhanced Equity
51,01
41,89
18,27
62,87
34,13
39,87
46,23
17,97
38,30
35,32
6,42
0,97
5,00
3,09
3,62
2,90
6,70
(1,29)
15,30
22,89
45,31
30,90
1 Jahr bis
30/09/09
3 Jahre bis
30/09/09
2,86
(1,62)
(17,61)
20,10
(4,61)
7,91
(2,82)
(17,43)
8,18
(3,70)
6,55
1,87
5,45
2,64
(2,61)
(1,57)
0,38
22,43
12,58
6,76
(0,94)
26,13
(22,81)
(11,70)
(43,16)
13,14
(20,49)
(16,12)
(24,92)
(43,24)
(13,33)
(20,81)
0,78
3,61
1,86
6,16
(2,29)
(4,36)
0,09
37,29
10,06
(2,31)
(28,16)
19,45
Wichtiger Hinweis
Sofern nicht anderweitig angegeben, wird die Performance der dargestellten Marktindices in der Fondswährung, NAV mit reinvestiertem
Bruttoeinkommen angegeben. Sofern nicht anderweitig angegeben, sind die hier zum Ausdruck gebrachten Ansichten und Meinungen
diejenigen von Insight Investment Limited zum Zeitpunkt der Veröffentlichung.
Die Performance in der Vergangenheit ist nicht notwendigerweise ein Hinweis auf zukünftige Performance. Der Wert der Kapitalanlage sowie
die daraus erzielten Erträge können infolge von Markt- und Währungsschwankungen fallen und auch steigen. Sie erhalten möglicherweise
nicht den gleichen Betrag zurück, den Sie ursprünglich investiert haben.
141
EXPLANATORY NOTES
• Universe, The CMI Global Network Fund, is an authorised Securities Fund formed as an open-ended Investment Company (SICAV).
• It was incorporated in Luxembourg under the laws regulating Collective Investment Schemes on 12 April 1990 and complies with the
European Community directive on the cross-border selling of Collective Investment Schemes (UCITS).
• The Fund is regulated by the Financial Services Authority whose rules and regulations are made under the Financial Services and Markets
Act 2000.
• Investors should note that the value of shares and income from them are not guaranteed and may fluctuate from time to time. Past
performance is not necessarily a guide to future performance.
• Further information, including full terms and conditions, is available from the addresses listed overleaf.
ERLÄUTERUNGEN
• Universe, The CMI Global Network Fund ist ein zugelassener Wertpapierfonds, der als offene Investmentgesellschaft (SICAV) gegründet
wurde.
• Er wurde in Luxemburg am 12. April 1990 gemäß dem Gesetz über Organismen für die gemeinsame Anlage in übertragbaren
Wertpapieren gegründet und erfüllt die Bestimmungen der EG-Richtlinie über den grenzüberschreitenden Verkauf von Organismen der
gemeinsamen Anlage in übertragbaren Wertpapieren (UCITS).
• Der Fonds untersteht der Regulierungsvorschriften der Financial Services Authority, deren Regeln und Vorschriften dem Financial
Services Act (Finanzdienstleistungsgesetz) von 2000 entsprechend erfolgen.
• Die Anleger sollten wissen, daß der Wert der Anteile und Erträge nicht garantiert wird und von Zeit zu Zeit schwanken kann. Ergebnisse
der Vergangenheit garantieren nicht notwendigerweise für Ergebnisse der Zukunft.
• Weitere Informationen können Sie an den folgenden Adressen erhalten.
142
Issued by: CMI Asset Management (Luxembourg) S.A. Registered Office: 23 route d’Arlon, L-8009 Strassen, Luxembourg.
Telephone: +352 31 78 319. Facsimile: +352 31 78 31 500. Registered in Luxembourg under RCS Luxembourg N29384.
CMI Asset Management (Luxembourg) S.A. is regulated by the Commission de Surveillance du Secteur Financier, Luxembourg.
Approved by: Clerical Medical Financial Services Limited, 33 Old Broad Street, London EC2N 1HZ, England.
Clerical Medical Financial Services Limited is authorised and regulated by the Financial Services Authority whose rules and
regulations are made under the Financial Services and Markets Act 2000 for the protection of investors and apply only to
investment business conducted in, or from, the UK.
Investment advice to Universe provided by Insight Investment (Global) Management Limited. Registered office 33 Old Broad Street,
London EC2N 1HZ.
Registered in England and Wales. Registered number 00828982. Authorised and regulated by the Financial Services Authority.
Lloyds Banking Group
www.clericalmedical.com

Universe, The CMI Global Network Fund

Transcription

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